Medallion Capital secures $20M SBA debenture commitment; draws available through Sep 2027

MEDALLION FINANCIAL CORP

SBA committed $20M in debenture leverage to Medallion Capital, a wholly-owned subsidiary of MFIN.
Commitment accepted July 10, 2023; $200K leverage fee paid, $400K to be deducted pro rata on draws.
Draws may be made in whole or in part until September 30, 2027, subject to SBA creditworthiness review.
Proceeds provide additional long-term funding capacity for Medallion Capital's investment activities.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MEDALLION FINANCIAL CORP entered into Commitment with Small Business Administration valued at $20 million (effective 2023-07-06).

Action: entry
Agreement: credit facility
Counterparty: Small Business Administration
Value: $20 million
Effective: 2023-07-06

Exact text from the filing

On July 6, 2023, the Small Business Administration committed to reserve leverage in the form of debentures in an amount equal to $20 million (the “Commitment”) to Medallion Capital, Inc.

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Source: SEC EDGAR

accession 0001193125-23-185339

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