In its early years, Gibraltar made loans on equipment. In the 1950’s, with a vision to expand lending opportunities using other types of collateral, Gibraltar started lending on accounts receivable, becoming a pioneer in accounts receivable financing, and helping to develop and popularize this niche financing platform. In 1972, Gibraltar was sold to United Jersey Banks, which through various mergers and takeovers, was eventually absorbed into Bank of America.

Howard learned the asset based lending business while working for his father at Gibraltar. When Gibraltar became part of a bank and the size of its loans increased, Howard saw the need to provide capital to businesses that traditional banks would find too small to finance. He founded Summa Capital in 1976 with the concept of lending to small and medium size companies. Following in her family’s footsteps, Howard’s daughter Amy joined Summa in 2006.

Today, more than 30 years later, Summa continues to lend to entepreneurs like ourselves.