Forward Financing Achieves Two Significant Volume Milestones
September 15, 2018 | Company News
September 15, 2018 – Continuing its trajectory of rapid growth, Forward Financing has recently achieved two significant volume milestones: funding of its 10,000th merchant and more than $400 million of total advances.
Since 2012, Forward Financing has grown quickly by providing fast, flexible, and reliable working capital to the more than 30 million small and medium-sized businesses (SMBs) that have historically been underserved by traditional financial institutions. With approximately 60% of those businesses reporting facing temporary financial challenges, Forward Financing plays an important role in the financial health of the small and medium enterprises that are central to the American economy.
“Every year, millions of healthy small businesses need financing to continue growing and expanding, yet they encounter obstacle after obstacle when they try to get funding from their bank or credit union,” stated Justin Bakes, Co-Founder and Chief Executive Officer of Forward Financing. “Evidenced by our latest volume milestones and the fact that most of our clients renew their financing multiple times, it’s clear that small businesses appreciate our approach to enabling their growth.”
Since its founding, Forward Financing has focused on delivering an unparalleled experience to small businesses seeking capital by investing heavily in its people, technology, and data science capabilities. This translates into faster funding (same-day financing available), better customer service, and peace-of-mind for clients and partners. Feedback from Forward Financing’s clients speaks volumes about the important role the company plays in their success.
“Without Forward Financing we wouldn’t be able to run our business stress free. Though we’ve been around for 30 years, even our local credit union won’t fund us because it’s hard for banks to understand our business. We greatly appreciate Forward Financing and their availability.”
-The Lock Clinic
“There a lot of companies offering funding to small business. I’ve done business with some of them in the past and they’ll have you jumping through a lot of hoops with little or no results (Low funding /High rates). Not so with Forward Financing. I told them how much I needed and what I needed my rates to be and they had my offer approved the same day.”
Forward Financing’s typical clients are seeking short-term financing of less than $300,000, which encompasses 81% of SMBs that are seeking funding. The funds provided by Forward Financing often change the trajectory of the businesses it serves by helping them grow, improve their cash flow, or overcome an emergency capital need. For example, The Lock Clinic is now able to maintain adequate cash flow while awaiting payment from government jobs, allowing them to take on additional projects in the interim. Moreover, as they have grown, their funding limit with Forward Financing has doubled in less than three years. Similarly, TKO Sports has used Forward Financing five times since 2015 to finance large purchase orders, which has resulted in 85% revenue growth over the period.