Oxford Commercial Finance, a subsidiary of Oxford Bank, recorded $64 million in funding for small and mid-sized businesses in 2023, its first full year in business. Collaborating with its partners, Oxford Commercial Finance completed 60 transactions, funding approximately $51.7 million in new business in 2023. It also acquired eight new patient loan pools through its HELP joint venture, adding another $12.4 million in funding.
In addition, during 2023, the company:
- Reviewed 200 applications through its working capital division, totaling more than $400 million of facility limits
- Funded 29 new deals amounting to $27.7 million
- Completed nine new term loans totaling $7 million
- Facilitated 20 transactions totaling $10.7 million in new business through its leasing joint venture with VFS
- Purchased eight pools of patient loans through its patient receivable joint venture, contributing $12.4 million in new funding
- Closed two transactions in alternative energy, adding about $6 million in new funding
“Since Oxford Bank’s strategic move to launch OCF and the acquisition that brought Robyn Barrett, SVP-managing director, and a team of talented professionals on board in 2022, it’s been an incredible time of growth,” Mick Goik, president of Oxford Commercial Finance, said. “The OCF team has ambitious goals for 2024, and we plan on keeping the momentum going with new and creative financing solutions that enable businesses across the U.S. to expand and thrive.”
Education and industry leadership were among Oxford Commercial Finance’s top pursuits last year and it made investments of time and resources into initiatives like Oxford Bank’s online Money Masters financial literacy program and an ongoing involvement and leadership in industry organizations such as the American Factoring Association, the Secured Finance Network and the Turnaround Management Association.