Wells Extends BFS Credit Line
Business Financial Services announced a $125 million credit line with Wells Fargo Capital Finance. The new credit line is an increase from the existing $82 million credit line that the company announced last year.
“The demand for small business financing is stronger than ever. Even as the economy appears to be on the mend, small businesses are still struggling to obtain capital from bank lenders,” said Marc Glazer, CEO and co-founder of BFS. “Small business is the backbone of the U.S. economy, and these companies can’t grow without funds. Our mission is to help those business owners who are ready, willing and able to grow, and are looking for funding to be able to do so.”
In just one year’s time, the number of loans furnished by BFS has more than doubled, increasing by 150%. And, beyond the sheer number of loans, there has been a marked difference in the industries applying for and receiving funding from the company.
“After our credit line increase and the expansion of our short-term loan product in 2013, we began to see a much broader variety of industries looking to us for growth capital,” Glazer said. “We were getting an increasing number of inquiries from businesses in verticals that we hadn’t seen much of historically. Year-over-year, we funded 83% more businesses in these industries when compared to 2012. From equipment manufacturers and wholesalers to freight and transportation companies, our well-balanced portfolio showed us that the ongoing demand for business financing is just not being met.”
Glazer says the new credit line aims to bridge the funding gap and provide the financing that these underserved sectors are looking for.