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Crossroad Systems Inc. a holding company that invests in businesses that promote economic prosperity and community development, recently reached an agreement to acquire Fountainhead, a non-bank commercial lender that specializes in finance lending for small to mid-sized businesses.
Fountainhead finances the growth of small business borrowers and works with referral partners at community banks, credit unions, and others through their referral program. The small lender team collectively financed over $28 billion in total projects throughout their careers by providing SBA 7(a), SBA 504, and low loan-to-value (LTV) conventional loans across all 50 states in the U.S.
"We could not have found a better partner to help us expand our mission of providing the smartest, fastest financing possible to owners of every well-run small to mid-sized business in America,” said Chris Hurn, Fountainhead founder and CEO. “We're looking forward to working alongside the Crossroads team over the coming months and years to make that a reality.”
“Our acquisition of Fountainhead, a national SBA and major PPP lender, allows us to further diversify our small business product mix and offer more financing solutions to even more deserving businesses across the country,” said Eric Donnelly, CEO of Crossroads. “This combination, when added to our existing partnerships with Enhanced Capital Group and Rise Line Business Credit, two other leading nationwide lending firms, will enable us to capture additional SBA loan business which fit perfectly within our growing pipeline of small business opportunities. On behalf of our entire organization, I'd like to formally welcome Fountainhead to the Crossroads family.”
The agreement on the acquisition was unanimously approved by members of both Crossroads’ and Fountainheads’ board of directors. The deal remains subject to the consent of the SBA and is expected to close in the first half of 2022.