Forward Financing, a 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 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.”
