NewAlliance Bank has begun offering revolving lines of credit and commercial term loans secured by accounts receivable, inventory and other nontraditional assets.
Parent company NewAlliance Bancshares Inc. is based in New Haven, and its new commercial finance division will be based in Westwood, Mass.
As of June, New Alliance Bank had eight branches in Fairfield County with $230 million in deposits for less than a 1 percent market share.
“While many banks have pulled back this year, NewAlliance has actually stepped up our lending to small and mid-sized businesses,” said Chairman and CEO Peyton R. Patterson. “Our creation of NewAlliance Commercial Finance is further evidence of our commitment to the businesses in our community that rely on banks during economic times like these.”
