TSL Express Daily News
The Secured Lender
SFNet's 80th Annual Convention Issue
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September 23, 2024
Source: PR Newswire
Boston-based Fintech Company Accesses Additional Capital to Support Continued Growth
BOSTON, Sept. 19, 2024 /PRNewswire/ -- Forward Financing, a national provider of revenue-based financing to small businesses, announced that the company increased their existing $250 million credit facility to $450 million.
"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. "It speaks to our strong financial performance and will help secure our position as a leader in the revenue-based financing industry."
Forward provides working capital to underserved small businesses across the US. With more than 27% of their customers operating in Low-to-Moderate Income (LMI) areas, many do not have the ability to obtain traditional financing, such as a bank loan. Committed to offering superior customer service and ensuring customers feel knowledgeable and supported throughout the process, Forward was recently recognized in The 22nd American Business Awards® for Customer Service Department of the Year.
Forward plans to use this additional capital towards continued funding volume growth and supporting more small businesses in need of working capital. Since the company's inception in 2012, they have provided over $3 billion in funding to nearly 63,000 customers and Boston Business Journal recently named Forward one of Massachusetts' largest fintech companies.
About Forward Financing
Forward is a financial technology company headquartered in Boston, Massachusetts with an operational hub in Santiago, Dominican Republic that provides fast, flexible capital to US small businesses that have been underserved by traditional financing options. By simplifying requirements, streamlining the process, and using advanced proprietary technology, Forward is often able to deliver approvals within hours and funds that same day — giving more businesses the financial opportunity they need to thrive. Plus, with their dedicated teams and award-winning service, customers get personalized support when they need it most.
Since 2012, Forward has expanded access to capital by providing over $3 billion in funding to nearly 63,000 small businesses. The company is A+ rated by the Better Business Bureau with an Excellent / 4.8 stars rating on Trustpilot.com. Forward is also recognized as a Best Place to Work by Built In Boston, certified as a Great Place to Work®, and is committed to helping their people and the small businesses they serve to achieve their full potential.
Media Contact
Christina Sorrentino
csorrentino@forwardfinancing.com
888-244-9099