Forward Financing, a prominent FinTech company based in Boston, has announced an increase in its existing credit facility from $250m to $450m.
The additional capital marks a substantial rise, aimed at empowering a broader spectrum of small businesses. Investors have shown confidence in Forward’s robust financial health and its strategic position in the revenue-based financing market, enabling this significant increase in their credit facility.
Forward Financing specializes in providing working capital to small businesses that typically struggle to secure traditional financing, such as bank loans. Over 27% of Forward’s clientele operates in Low-to-Moderate Income (LMI) areas, highlighting the company’s focus on accessibility and inclusivity in business financing.
The newly acquired funds will be directed towards enhancing the funding volume and extending further support to small businesses in need of working capital.
Since its inception in 2012, Forward Financing has disbursed over $3bn to nearly 63,000 customers.
Christopher Chiou, chief financial officer at Forward Financing, said, “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.
“It speaks to our strong financial performance and will help secure our position as a leader in the revenue-based financing industry.”
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