Milestone Bank creates asset-based lending division
New division will expand credit offerings for SMBs in equipment industries
Equipment finance provider Milestone Bank has launched a new asset-based lending division, expanding its credit offerings for small and mid-size businesses.
The ABL division will provide revolving working-capital lines of credit secured primarily by accounts receivable and inventory, according to a Feb. 3 Milestone release. The expanded offerings are aimed at manufacturers, dealers and other business-to-business operators.
To lead the division, Milestone hired Daniel Godfrey as senior vice president of asset-based lending. Godfrey brings 23 years of experience in ABL, including 18 years at Celtic Bank.
With the ABL business, Milestone is emphasizing continuous collateral monitoring, strong receivables oversight and real-time visibility into borrowers’ working assets.
Adding the ABL division enhances Milestone’s “ability to support operating companies with tailored credit solutions — whether they need equipment, long-term capital or short-term liquidity,” President and Chief Executive Mark Yung stated in the release.
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