Balboa Capital Corporation
| Company type | Private |
|---|---|
| Industry | Financing |
| Founded | 1988 |
| Founder | Patrick Byrne, Shawn Giffin |
| Headquarters | Costa Mesa, California , United States |
Area served | United States |
| Products | Equipment leasing, unsecured equipment loans |
Number of employees | 155 (2015) |
| Parent | Ameris Bank (division of Ameris Bancorp) |
Balboa Capital Corporation operates as an independent, privately owned financing firm headquartered in Costa Mesa, California.
Background
Established in 1988 by University of Arizona alumni Patrick Byrne and Shawn Giffin with an initial capital of $4,000, Balboa Capital started its journey as a company specializing in equipment leasing. Its name derives from its first office location on Balboa Island, situated in Orange County, California. Over time, it has evolved into one of the largest privately owned finance enterprises in the United States, achieving approximately $250 million in loan originations annually by 2014.
The company focuses on providing leasing solutions and unsecured equipment loans tailored for small businesses, generally limited to $250,000 with repayment periods ranging between three months and two years. Among its prominent clients are national franchise expansions such as Domino's Pizza and McAlister's Deli.
To broaden its geographic presence, Balboa Capital inaugurated a fourth branch in Jacksonville, Florida in 2014, joining its existing offices located in Scottsdale, Arizona, San Ramon, California, and Spokane, Washington. By 2015, the firm experienced a 77% increase in business during the previous quarter and expanded its workforce by 155 employees.
In December 2021, ownership of Balboa Capital transferred to Ameris Bank, which is a division of Ameris Bancorp.
Recognition
After achieving a remarkable 2,652% increase in sales between 1988 and 1992, Balboa Capital secured the #67 spot on Inc. Magazine's 1993 ranking of the 500 fastest-growing private companies across the U.S., later placing #108 in 1997. That year also saw founder Patrick Byrne recognized as one of ten Orange County business leaders awarded by Ernst and Young for entrepreneurship. In 2018, Business.com honored Balboa Capital as the leading alternative lender for small businesses.