In 2017, SUNS acquired North Mill Capital LLC ("North Mill"), a commercial finance company that specializes in making senior secured asset-backed loans and factoring arrangements with small and medium-sized companies. SUNS' equity investment produces current income based on North Mill's commercial finance investment activities and is expected to generate net long term capital gains.

North Mill was founded in 2010 by its senior management team who originally launched the strategy in 1995 and have worked together for more than 25 years across multiple organizations.

In Q1, 2021, North Mill was renamed "SLR Business Credit" in conjunction with a rebranding initiative in which SLR Capital Partners ("SLR"), the listed BDCs advised by SLR (SUNS and SLRC), and the affiliate commercial finance portfolio companies owned by SUNS and SLRC, respectively, adopted a single go-to-market brand under the SLR moniker. 


Privately-owned, small to medium-sized businesses who have limited access to bank financing

Primarily US-based companies operating in the manufacturing, services and distribution industries

NMC is typically the agent and sole lender to its borrowers


Loan tenor of 1-to-3 years; average life of ~2.5 years

Financing structures primarily include asset-based loans (revolving) and factoring agreements (revolving)

Loans are collateralized on a first lien basis in all cases, primarily by accounts receivable


$500K to $30M