Gibraltar Business Capital (GBC) has launched an equipment financing business.
The new Gibraltar Equipment Finance (GEF) will provide equipment loans and leases of up to $20 million for industries like manufacturing, distribution, transportation/logistics, healthcare, food and beverage, construction, telecom and technology-related sectors, Gibraltar Business Capital said in a Tuesday (March 14) press release.
Jeffry S. Pfeffer, who has co-founded, built and sold successful middle market equipment finance businesses, will serve as president of GEF, according to the release.
“The combination of Jeff’s depth of experience, our platform and the strong capital backing of our partners is a compelling product launch mix,” GBC CEO Scott Winicour said in the release. “We’re excited about our growth prospects and what this means for our ability to serve the market in more ways.”
GEF will focus on opportunities around growth, asset modernization and special situations and will provide term financing solutions that complement GBC’s asset-based lending products, according to the press release.
“I am excited to combine my network with Gibraltar’s industry network and trusted brand to offer growth capital solutions to middle market companies in the U.S. and Canada,” Pfeffer said in the release. “The Gibraltar platform now supports more middle market business needs with creative and flexible equipment financing solutions.”
This new offering joins some other solutions for users of professional equipment that were announced in recent months.
For example, in July, cloud-based subscription management platform provider Zuora partnered with BNP Paribas Leasing Solutions to enable industry partners to offer their customers usage-based equipment as an option that allows them to avoid the need to own and maintain expensive equipment.
“Now on Zuora, BNP Paribas Leasing Solutions will have the flexibility and agility to make critical equipment more accessible and tailored to companies’ individual needs, all while providing more sustainable options,” Zuora President and Chief Revenue Officer Robbie Traube said at the time.
In September, construction equipment rental marketplace DOZR integrated a B2B BNPL solution into its platform, enabling suppliers to get paid immediately, while buyers get 60 days to settle the tab.
“We’re very, very customer-obsessed and we kept thinking, ‘Hey, these contractors are squeezed for cash flow, and if there’s a way that we can help them, we want to find it,’” DOZR CEO and Co-Founder Kevin Forestell told PYMNTS’ Karen Webster in an interview posted in September.
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