National Funding Announces the Upsize of Its Bank Credit Facility to $100 Million
March 16, 2022 08:00 AM Eastern Daylight Time
SAN DIEGO--(BUSINESS WIRE)--National Funding, Inc., one of the largest U.S. specialty finance companies serving small- and medium-sized businesses, announced the recent renewal and upsize of a $100.0 million senior secured warehouse line of credit. The upsize includes an accordion to expand to $125.0 million, which was provided by a prominent U.S.-based commercial bank. The facility will continue to be used by the Company to fund new originations and support additional platform growth.
This upsize comes on the heels of a $55 million corporate note that closed in October 2021. With this additional financing, National Funding is well-positioned to continue to support small businesses as the economy continues to recover.
To date, National Funding has provided more than $4.5 billion in working capital and equipment leasing for more than 80,000 small- to medium-sized businesses nationwide.
“As the economy continues to rebound from the pandemic, the upsize of our bank credit facility ideally positions National Funding to provide more flexible capital solutions to our small- to medium-sized business client base,” said Dave Gilbert, CEO of the Company.
President of National Funding, Joe Gaudio, added, "Due to better than expected loan origination growth, the timing of this expansion was ahead of our original plan. In addition, the continued support of our banking partners allows National Funding to live its mission of transforming the way small businesses access the capital they need to grow.”
For more information about National Funding, go to www.nationalfunding.com.
About National Funding, Inc.
Founded in 1999, National Funding is a leading U.S. specialty finance company serving small- and medium-sized businesses. The Company’s foundation serves American small business owners by providing funding solutions to meet their needs to reinvest in their day-to-day operations and help them grow. In addition, National Funding’s digital funding process has elevated its digital capabilities by delivering a fast and simple online application. For more information about National Funding, visit https://www.nationalfunding.com.
March 23, 2022 08:00 AM Eastern Daylight Time
SAN DIEGO--(BUSINESS WIRE)--National Funding, Inc., one of the largest U.S. specialty finance companies serving small- and medium-sized businesses, announced it has made a strategic growth investment in Finova Capital, a business lender focused on merchant finance and the payments industry. National Funding’s significant investment in Finova comes on the heels of market momentum