BOSTON, April 8, 2019 /PRNewswire/ -- Forward Financing, a leading provider of technology-enabled alternative financing solutions for under-served small businesses, has closed on a $90 million credit facility, consisting of a $60 million senior revolving credit facility and a $30 million junior term loan. AloStar Capital Finance ("AloStar"), a division of Cadence Bank, N.A., served as the Agent on the senior facility.
The proceeds will be used to refinance existing debt and will significantly increase Forward Financing's capacity to fund its small business customers. The facility provides Forward Financing with a substantially increased long-term capital base and a significantly lower cost of funds, allowing the company to accelerate its already impressive growth.
"Partnering with AloStar is a transformative event for our company and helps further our mission to empower under-served small businesses," said Forward Financing Co-founder and CEO, Justin Bakes. "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."
By combining proprietary technology with a dedicated team of small business financing experts, Forward Financing delivers same day funding of up to $300,000 with the speed and simplicity business owners in the U.S. need to succeed and grow. With an online application process that is simple, safe, and secure, businesses can trust Forward Financing for approvals within minutes, funding within hours, and personalized support and service when they need it most.
About Forward Financing
Forward Financing is a Boston-based financial technology company that provides fast, flexible, and reliable working capital to small and medium-size businesses nationwide. Since 2012, Forward Financing has provided over $500 million in funding to more than 10,000 small businesses. The company is A+ rated by the Better Business Bureau and receives top ratings across all major customer review platforms. In 2017 and 2018, the FinTech company was named by Boston Business Journal as one of the fastest growing companies in Massachusetts. On a national scale, the company was recognized in 2017 and 2018 by Inc. as one of the fastest growing in America, landing on the coveted Inc. 5000 ranking with a three-year growth of more than 1,200 percent. Learn more at www.forwardfinancing.com.
About AloStar Capital Finance
AloStar Capital Finance provides capital solutions to business leaders across America who are creating their own success stories. Through our Asset-Based and Lender Finance platforms, we create customized lending solutions for customers with capital requirements up to $70 million. Since inception, AloStar has closed more than 200 deals with commitments totaling more than $2.4 billion. At AloStar, you'll have direct access to decision makers with deep capital industry experience who are responsive, flexible and eager to help you write your success story. AloStar Capital Finance is a division of Cadence Bank, N.A. Member FDIC. Equal Opportunity Employer. For more information, visit www.AloStarBank.com.
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