Forward Financing, a national provider of revenue-based financing to small businesses, announced that the company closed a $250 million credit facility led by one of the company’s current capital providers.
“This is a big win for our business and a testament to our very strong financial performance throughout this difficult past year,” said Eugene Wong, Vice President of Strategy and Finance. “The increased facility gives us the flexible capital we need to grow and expand so that we can support the small business economy as it recovers on the other side of the COVID pandemic.”
Forward Financing provides working capital to underserved small businesses nationwide, many of which do not have the ability to obtain traditional financing, such as a bank loan. Dedicated to providing top-notch customer service, Forward Financing was recently recognized by the American Business Awards for Best Customer Service Department of the Year. During the COVID-19 pandemic, Forward worked with thousands of customers to reduce or suspend their payments while they contended with government closure orders, capacity restrictions, and diminished customer traffic.
Despite the challenges of 2020, the Boston Business Journal named Forward Financing to its annual list of the 50 fastest-growing private companies in Massachusetts for the fifth consecutive year. Earlier this year, Forward announced it surpassed over $1 billion in funding to over 26,000 customers since its inception in 2012.
Forward Financing plans to use the latest funding to continue its strong growth trajectory. The company recently reported nearly 60% growth and is planning to double employee headcount in 2021.