Wells Fargo Capital Group to provide additional $45M to National Funding
Small business lender National Funding has secured an additional $45 million in funding from Wells Fargo Capital Finance. That brings Wells Fargo’s total commitment to $75 million.
National Funding CEO David Gilbert said the additional commitment will allow them to provide additional assistance to small businesses across the country. Mr. Gilbert described Wells Fargo as a “premier bank” to work with, while adding the bank is very selective when choosing partners in the alternative lending sector.
National Funding and Wells Fargo have worked together for several years. Mr. Gilbert shared some observations on what funders look for and how funding relationships are best maintained. “They are passionate about the financial stability of an organization. They want to know what products look like and how they perform. They want to know borrowers are able to pay back those loans.” Mr. Gilbert added National Funding provides monthly reports to Wells Fargo which shows how funds were deployed and repaid.
Mr. Gilbert said National Funding is hiring additional analytics and credit staff as it prepares for significant growth in 2016 in what would be a continuation of growth that has seen revenue increase by 172 percent over the last three years.
As seen in the Bankless Times.