Forward Financing to build on growth with $90m credit facility
Forward Financing will increase its capacity to fund small business customers after closing on a $90 million credit facility, reports Jane Connolly.
The partnership is “transformative” for the company
This consists of a $60 million senior revolving credit facility – on which AloStar Capital Finance, a division of Cadence Bank, acted as the agent – and a $30 million junior term loan.
The proceeds will give Forward Financing, which provides technology-enabled alternative financing solutions for under-served small businesses, the opportunity to refinance existing debt. The facility provides a substantially larger long-term capital base and a significantly lower cost of funds.
Justin Bakes, co-founder and CEO of Forward Financing, says the partnership is “transformative” for the company.
He adds: “This facility will help us continue building on our rapid growth and allows us to expand our ability to offer fast, flexible and reliable small business financing solutions using our innovative business model.”
With the use of proprietary technology and a team of small business financing experts, Forward Financing offers online applications that can be approved within minutes and same day funding of up to $300,000.
