Leading Small Business Lender Announces Significant Growth;
45% Sales Uptick in Past Year
SAN DIEGO, July 26, 2016 /PRNewswire/ — National Funding, one of the largest private lenders of small business loans, today announced it has reached $1.5 billion in total capital deployed. Further validating its business performance, the company also announced it funded $151.8 million in loans for small businesses for the first half of 2016, up 45% from the first half of 2015. The company was recently listed as one of the top 10 small business alternative lenders by deBanked.com, ranked by loan volume.
National Funding credits its success to its refined and conservative lending approach, which has resulted in a high number of repeat customers. Additionally, National Funding has emerged as one of the only profitable alternative lenders in the industry without relying on outside investors.
“This company has been in business for nearly 20 years. We’ve been able to continue this rapid growth for a variety of reasons; first, we see continued loan demand and a strong underlying economy,” said Dave Gilbert, founder and chief executive officer. “Secondly, our data shows that customers choose us because our loan counselors excel at helping small business owners understand the lending process and the loans they undertake. Thirdly, simplicity and speed are vital, and we can fund loans within 24 hours if that’s needed through a convenient and easy online user experience.”
National Funding’s company data also provided key insights about the state of the small business sector:
- The top five small business industries that National Funding served were: special trades; general contractors; medical; business services and trucking
- The average National Funding customer generates less than $1 million in sales
- Average business customer has between 25 and 50 employees
- Working capital loans make up approximately 80% of the company’s sales, but many businesses also seek leasing in order to obtain equipment
- Key capital expenditures for customers include: expansion, marketing, inventory, equipment financing, and taxes