National Funding, one of the country’s largest private lenders of small business loans, has announced its expansion into the middle market lending segment and will now target medium-sized businesses that are in need of financing from $250,000 to $1 million.
Previously, National Funding had focused primarily on the small business segment and provided the majority of its loans under the $250,000 mark. This growth will allow National Funding to reach a broader audience and help a more diverse group of businesses access funding. Expanding into the middle market will help the company reach more high capital, tenured medium-sized businesses than before.
“There is a demand in this market that has been drastically underserved,” said David Gilbert, CEO of National Funding. “We are already seeing the opportunity for loans of this size in our existing pipeline, but we have not been able to service this level of funding until now. We are thrilled to be expanding our lending window to offer more businesses even more options.”
To lead this effort, National Funding has hired Todd Stichler as Director of Middle Market Lending. Stichler was formerly Managing Director of LendSpark, a San Diego-based middle market lender that arranged financing for small and medium-sized businesses in various phases of the business cycle. Previously he served as CFO for an $80 million, 350-person design and construction company specializing in education, healthcare and civic facilities.
“I have watched National Funding grow and have been impressed by the aggressive posture the company takes in the marketplace,” said Stichler. “By taking advantage of existing resources and expanding to service to larger companies than National Funding has traditionally targeted, the company has a tremendous opportunity in the middle market. As many of these companies already have banking relationships in place, National Funding serves as a supplemental funding partner for additional financing that is needed, but not approved by the bank.”
Stichler has a master’s degree in finance from the University of San Diego. He is on the board of Sharp Healthcare Foundation and on the Parent Advisory Board of the Neonatal Research Institute at Sharp Mary Birch Hospital for Women & Newborns. Stichler will be based out of National Funding’s headquarters in San Diego, California.