Forward Financing, a national provider of revenue-based financing for small businesses, announced today the expansion of its credit facility from $250 million to $450 million. This significant increase will enable the Boston-based fintech company to continue its mission of funding small businesses across the U.S.
“This significant expansion of our credit facility is an exciting step towards continued growth and our ability to fund more small businesses across the country,” said Christopher Chiou, Chief Financial Officer at Forward Financing. “It speaks to our strong financial performance and will help secure our position as a leader in the revenue-based financing industry.”
Forward Financing specializes in providing working capital to underserved small businesses, particularly those in Low-to-Moderate Income (LMI) areas where access to traditional financing, such as bank loans, is limited. With a focus on superior customer service, Forward was recently honored with the Customer Service Department of the Year award in The 22nd American Business Awards®.
The company plans to use the additional capital to fuel its funding volume growth and support more small businesses in need of working capital. Since its inception in 2012, Forward Financing has provided over $3 billion in funding to nearly 63,000 customers. The company was also recently recognized by the Boston Business Journal as one of Massachusetts’ largest fintech companies.
The post originally appeared on following source : Source link