Press Release

 

07 26 2016

07 26 2016

National Funding Reaches $1.5 Billion Milestone In Capital Deployed To Small Businesses

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

Founded in 1999, National Funding was a pioneer in the alternative lending industry and has helped over 25,000 small businesses secure the necessary capital to grow their operations. For more information, please visit www.nationalfunding.com.

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Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.