Bridge Bank Issues $10 Million Asset-based Line of Credit to Shippabo
October 28, 2021
By PR Newswire
SAN JOSE, Calif., Oct. 28, 2021 /PRNewswire/ -- Bridge Bank today announced that its Capital Finance Group has issued a $10 million asset-based line of credit to Shippabo, a cloud-based supply chain-management platform serving the shipping and logistics industries.
Shippabo, based in Los Angeles, will use the asset-based line of credit to support working capital needs and finance its growth. Shippabo is a logistics technology company that has developed an online freight management application that helps import and export companies control their shipping process. It partners with domestic and overseas logistics companies such as carriers, freight forwarders, customs clearing operators, freight warehouses and trucking and drayage companies. The company's clients include QVC, Cornerstone Brands, Golf Gift Gallery and JR286.
"Bridge Bank is pleased to support a wide range of tech and innovation companies nationwide with customized financing and banking solutions," said Roger Klarmann, senior vice president at Bridge Bank. "Shippabo is precisely the kind of innovative company Bridge Bank takes pride in working with."
"We are proud to work with such a knowledgeable team of bankers at Bridge Bank," said Nina Luu, chief executive officer at Shippabo. "Their expertise in working with growing innovative companies like ours provides us with an additional level of confidence."
The Capital Finance Group at Bridge Bank offers a range of asset-based and factoring solutions, including accounts receivable, inventory and invoice financing, to provide lines of credit and working capital. The group's expertise supports companies in manufacturing, professional services, retail, technology and more that are experiencing unusual market conditions that might hamper their ability to adhere to traditional covenants and credit structures.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small- to mid-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions including capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has 16 offices in major markets across the country along with Western Alliance Bank's powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $50 billion in assets. Western Alliance is again #1 best-performing of the 50 largest public U.S. banks in the new S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes "Best Banks in America" list year after year. For more information, visit bridgebank.com.
