Balboa Capital Corporation
Balboa Capital Corporation is a privately held independent financing company based in Costa Mesa, California.[1]
Background
[edit]Balboa Capital was launched as an equipment leasing company in 1988 by Patrick Byrne and Shawn Giffin, who were 22 years of age at the time and had graduated from University of Arizona one year prior.[2][3] It was named after its first office on Orange County’s Balboa Island.[3] Started with a $4,000 investment, Balboa Capital has grown into one of the largest privately held finance companies in the U.S., with a loan volume of about $250 million annually as of 2014.[2][4][5]
Most of the firm’s business involves leasing arrangements and loans.[6] They specialize in small business equipment loans.[7] Most of the company's lending products are capped at $250,000, with loan terms ranging between three months and two years. Loans are unsecured.[8] The company is a lender for the nationwide franchise expansions of Domino's Pizza and McAlister's Deli.[9][10] In 2014, the company opened a fourth office in Jacksonville, Florida, to expand its East Coast business. Balboa also has offices in Scottsdale, Arizona, San Ramon, California, and Spokane, Washington in addition to its Costa Mesa office.[6][11]
A July 2015 article stated that the company added 155 new employees over the last year, and its business increased 77% in the prior quarter.[12]
In December 2021, Ameris Bank, a subsidiary of Ameris Bancorp, acquired Balboa Capital Corporation.
Recognition
[edit]After a sales growth of 2,652% between 1988 and 1992, Balboa Capital ranked #67 on Inc. Magazine's 1993 list of the 500 fastest growing private businesses in the country, and in 1997, the company was listed as #108 by Inc.[3][13][14] Also in 1997, Byrne was one of ten Orange County executives who received entrepreneurship awards from the Ernst and Young accounting firm.[2] In 2018, Business.com chose Balboa Capital as their best alternative lender for small business.[8]
References
[edit]- ^ Staff Reporter "Real estate briefly: RSM center sold for $56M; Brea facility $26M; Costa Mesa memory care unit $6.5M' OC Register
- ^ a b c Norma, Jan "Ernst & Young Honors Ten Entrepreneurs" Originated from The Orange County Register. Knight Ridder/Tribune Business News. HighBeam Research. June 19, 1997.
- ^ a b c Brooks, Nancy Rivera “Southern California Enterprise: ‘Just a Matter of Working Harder and Smarter’” The Los Angeles Times. August 1, 1994.
- ^ "Balboa Capital Says Confidence Is Up" Small Business Opportunities. Sept. 12, 2014.
- ^ Quittner, Jeremy "FICO's New Scoring Model Nixes Medical Debt, Frees Up Small Business Credit (Hooray!)"Inc. Sept. 24, 2014.
- ^ a b Jones, Colleen Michele "Balboa Capital picks Jacksonville for its first East Coast office" Jacksonville Business Journal Oct 1, 2014.
- ^ Hecht, Jared "5 Ways to Get Startup Funding Outside of Traditional Investors." Inc Magazine
- ^ a b "Balboa Capital Review 2018 | Business Loan and Financing Option Reviews". business.com. Retrieved 2019-01-08.
- ^ Pizza Marketplace. "Balboa Capital named as approved lender for Domino's franchisees" Archived March 4, 2016, at the Wayback Machine Nov. 21, 2013.
- ^ Oches, Sam.QSR."The QSR 50" August 2014.
- ^ "Haven't Heard of Balboa Capital? Here's a Quick Review". LendGenius. 2018-01-30. Retrieved 2019-01-08.
- ^ Khouri, Andrew “Orange County economic growth finally revving into high gear.” The Los Angeles Times. July 23, 2015
- ^ Mangelsdorf, Martha."America's Fastest-Growing Private Companies." Inc. Oct. 1, 1993.
- ^ O'Dell, John. Los Angeles Times "3 Firms Make List of Fastest-Growing." October 22, 1997.