Forward Financing Expands Capital Base with $90 Million Credit Facility
April 9, 2019 | Company News
April 9, 2019 – Forward Financing, a leading provider of technology-enabled alternative financing solutions for under-served small businesses, has closed on a $90 million credit facility, consisting of a $60 million senior revolving credit facility and a $30 million junior term loan. AloStar Capital Finance (“AloStar”), a division of Cadence Bank, N.A., served as the Agent on the senior facility.
The proceeds will be used to refinance existing debt and will significantly increase Forward Financing’s capacity to fund its small business customers. The facility provides Forward Financing with a substantially increased long-term capital base and a significantly lower cost of funds, allowing the company to accelerate its already impressive growth.
“Partnering with AloStar is a transformative event for our company and helps further our mission to empower under-served small businesses,” said Forward Financing Co-founder and CEO, Justin Bakes. “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.”
By combining proprietary technology with a dedicated team of small business financing experts, Forward Financing delivers same day funding of up to $300,000 with the speed and simplicity business owners in the U.S. need to succeed and grow. With an online application process that is simple, safe, and secure, businesses can trust Forward Financing for approvals within minutes, funding within hours, and personalized support and service when they need it most.
About Forward Financing
Forward Financing is a Boston-based financial technology company that provides fast, flexible working capital to small businesses nationwide. Our dedicated account representatives and advanced proprietary technology help our customers spend less time finding capital and more time growing their business. With a simple, secure online application, business owners can trust Forward Financing for approvals within minutes, funding within hours, and personalized support when they need it most.
Since 2012, Forward Financing has expanded Main Street’s access to credit by providing over $750 million in funding to more than 23,000 small businesses. The company is A+ rated by the Better Business Bureau and consistently receives top ratings across all major customer review platforms. Forward Financing has been named by both Inc. Magazine and the Boston Business Journal as one of Massachusetts’ fastest-growing companies each year since 2017. Forward Financing is committed to helping more small business owners succeed and achieve their full potential. To learn more, visit www.forwardfinancing.com.
About AloStar Capital Finance
AloStar Capital Finance provides capital solutions to business leaders across America who are creating their own success stories. Through our Asset-Based and Lender Finance platforms, we create customized lending solutions for customers with capital requirements up to $70 million. Since inception, AloStar has closed more than 200 deals with commitments totaling more than $2.4 billion. At AloStar, you’ll have direct access to decision makers with deep capital industry experience who are responsive, flexible and eager to help you write your success story. AloStar Capital Finance is a division of Cadence Bank, N.A. Member FDIC. Equal Opportunity Employer. For more information, visit www.AloStarBank.com.