Coral Capital Solutions, a New York-based factoring firm serving the medium-sized enterprise segment, has secured a US$25mn senior credit facility from Wells Fargo Capital Finance.

The loan will be used to help the company grow and extend more funding to its clients. Coral Capital provides factoring and trade finance facilities of US$500,000 to US$10mn to fund customers’ purchase orders and accounts receivables in the US and Canada, in sectors including technology, telecoms, food and beverages, new media, manufacturing and services.

“We are very pleased to support Coral Capital Solutions’ continued business growth with the extension of this line of credit,” says Andrea Petro, executive vice-president and division manager of the lender finance division of Wells Fargo Capital Finance. “The company has an impressive business model, dedicated executive team and a longtime successful track record that underscores the confidence we have in Coral Capital Solutions’ ability to meet increased demand and capture new business opportunities.”