IDB BANK LEADS $100MM REVOLVING CREDIT FACILITY FOR DWIGHT FUNDING

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Nov 03, 2022, 12:00 ET

NEW YORK, Nov. 3, 2022 /PRNewswire/ -- IDB Bank (IDB), a New York-based private and commercial bank, has closed up to a $100 million asset-based revolving credit facility for Dwight Funding, a New York-based lender to modern brands and platforms.

Dwight Funding was one of the first capital providers to focus on high growth, digitally native brands. Today, it leads the broader consumer packaged goods (CPG) space, offering asset-based lines of credit and equipment financing. The team has built a portfolio of exceptional growth stage businesses, as well as an active network of acclaimed investors, advisors and strategic partners.

IDB was the sole lead arranger and administrative agent for Dwight's facility, signaling the Bank's growing position in the Lender Finance industry. "We are very pleased for the tremendous opportunity to agent a credit facility for Dwight Funding, as they continue to distinguish themselves through their exceptional management team and a proven formula for success," said Lissa Baum, IDB Bank Head of New York Commercial Banking. "We are proud to expand our leadership role in the lender finance space with the closing of this new syndication."

Ben Brachot, Dwight's Co-founder, shared that this facility supports the continued growth of the modern lender's robust portfolio. The financing also allows Dwight to continue investing in their proprietary technology that provides brands with a best-in-class lending experience.

About Dwight Funding, LLC

Dwight Funding is a leading credit partner built for today's early and growth stage businesses in eCommerce, Food & Beverage, General CPG, and SaaS. Since its inception in 2015, Dwight has innovated on traditional asset-based lending, opening up the possibilities for new industries to leverage their assets for capital and implementing data-driven practices to increase efficiency. Dwight provides revolving lines of credit and term loans to cover working capital and capital expenditure needs that come with rapid growth.

About IDB Bank

IDB Bank is a New York State-chartered commercial bank and a member of the FDIC. Headquartered in Manhattan, IDB operates branch offices in Brooklyn, NY, Staten Island, NY and Short Hills, NJ, and full-service branches in Southern Florida and Southern California. The bank offers a full-service lending platform for personal and commercial banking, trade services and deposit products to U.S.-based and international clients. Its areas of expertise include Middle Market, Asset Based and Commercial Real Estate Lending, Factoring, Trade Finance, Apparel and Consumer Products, Healthcare, Food and Beverage, High-Tech, Not For Profit & Education, and U.S. and International Private Banking. IDB also operates a syndication desk that enables administration of complex transactions.