[isaacdstern]

Principis Capital ("Principis" or the "Company"), a leading provider of alternative financing to small businesses in the United States and Canada, recently announced the closing of a three year senior secured credit facility with a leading regional commercial bank.

Founded in 2009, Principis quickly developed a proven track record of sales and profitability, funding thousands of merchants across the 50 states and Canada. Principis' proprietary scoring algorithms and highly automated systems have formed the basis of this success, enabling the company to underwrite and issue funding offers within only a few hours of deal submission.

As the non-bank funding market for small businesses continued to expand, Principis sought a larger credit facility with a financial institution in order to fund its growth in originations, to consolidate its balance sheet and to improve its cost of capital. In early 2014 the Company engaged Bryant Park Capital ("BPC"), a New-York-based investment bank, to raise senior debt.

On August 1, 2014 the new facility was put in place, providing the Company with expanded availability at very competitive rates and positioning Principis for continued growth and enhanced profitability.

"Bryant Park Capital was a valuable partner in our transaction. The firm has knowledge and experience in the specialty finance sector and was able to run a very competitive capital raising process. In addition, the depth and breadth of their relationships enabled them to provide Principis with valuable information and perspective throughout the process. BPC exceeded our expectations", said Jane Prokop, CEO of Principis.

About Principis
Principis Capital is a leading originator of specialty finance products in the small business financing market. Principis purchases future receivables (including credit card and other receivables) from companies at a discount to face value. Its fast turnaround time and innovative underwriting approach give its sales partners the opportunity to maximize their reach among their small business clients. The majority of Principis' merchants obtain additional funding multiple times, using Principis' funds as a stable and reliable source of working capital for their businesses. For more information about Principis, please visit www.principiscapital.com.


About Bryant Park Capital
Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle market public and private companies. BPC has deep expertise in the specialty lending and financial services industries. Our professionals have completed approximately 400 assignments representing an aggregate transaction value of over $80 billion. For more information about us, please visit out website www.bryantparkcapital.com.

[isaacdstern]

first time in 4 years I have heard the name Principis Capital

[Andy]

Yeah haven't heard or seen many businesses with first funds/principis lately. http://www.firstfundsnyc.com/ there website is good for laugh, maybe they can use this credit facility to pay for their old website .
Any idea how much capital they raised?

[Drizzle]

They are a nightmare to work with

[Drizzle]

And they steal deals!

[J.Celifarco]

Come one though.. years ago they would do ach deals with no banks statements then wonder why the deals went bad and payments bounced

[isaacdstern]

That's hilarious

Yeah haven't heard or seen many businesses with first funds/principis lately. http://www.firstfundsnyc.com/ there website is good for laugh, maybe they can use this credit facility to pay for their old website .
Any idea how much capital they raised?

[Chambo]

first time in 4 years I have heard the name Principis Capital

"founded in 2009." Yeah, right. This is FIRST FUNDS under a new name