Forward Financing, a Boston, Massachusetts-based fintech firm that facilitates working capital to SMEs, as per recent reports, has closed on a $90 million credit facility, further increasing its funding capacity to aid small business customers.
The proceeds from this 90 mil credit facility – comprising of a $60 million senior revolving credit facility, with AloStar Capital Finance (a division of Cadence Bank) acting as the serving agent; and a $30 million junior term loan – will enable Forward Financing, which provides working capital and technology-enabled alternative financing solutions for under-served small businesses, with an opportunity to refinance the existing debt. Furthermore, the credit facility ensures the provision of a substantially larger sum in terms of long-term capital base and a significantly lower funds cost.
Speaking on this context, Justin Blakes, co-founder and CEO of Forward Financing, says the partnership is “transformative” for the company. Continuing, he adds, “This facility will help us continue building on our rapid growth and allows us to expand our ability to offer fast, flexible and reliable small business financing solutions using our innovative business model.”
The Boston-based Forward Financing, with its use of proprietary technology and a team of small business financing experts, approves online applications within minutes and eventually on the same day, with funding of up to $300,000.