Big Shoulders Capital has a strong heritage in machinery and equipment, and in financing.
Over 40 years ago, our Chairman, David Muslin, began working for Lester Winternitz of the legendary national machinery and equipment auction house. Over the years, in the course of his many positions, Mr. Muslin met with many small and middle-sized business owners and has walked through countless manufacturing plants. From time to time, he saw situations where the best solution involved buying the business’s loan from its bank, or lending the business money. He used his company’s capital to buy notes and to lend money to meet the needs of operating manufacturing businesses.
The global financial crisis of 2009 resulted in tight credit for small businesses and, in some cases, no loans at all for enterprises with growth potential. Despite the easy money policies of the Federal Reserve, and the looser credit eventually provided by banks, Mr. Muslin continued to see businesses that needed capital but were not bankable for one reason or another.
In 2012, recognizing the growing need for sources of non-bank lending, Mr. Muslin created a business plan for a senior secured lender and lessor to small and medium-sized business. The first employee he hired was Todd DiBenedetto, who had a manufacturing background along with deal structuring and executing experience. Alice Peterson joined the team in the fall of that same year, bringing strong finance and operational know-how.
The new company officially opened its doors in January 2013, initially as Revere Finance. Its mission was to be the most trusted lender and lessor to businesses in transition. The company’s loan and lease portfolio grew steadily. In the fall of 2014, the company changed its name to "Big Shoulders Capital" -- a reflection of its Midwestern roots, strengths, and values.