Velocity Capital Group (VCG), a provider of same-day capital advances to small businesses, secured a multi-draw term funding line of credit with Arena Investors, a global institutional alternative asset manager. The line of credit will provide VCG with a borrowing capacity of up to $50 million and a deep pool of capital from which to expand its business, further strengthening VCG’s ability to provide funding for small business merchants.
Since VCG’s inception, CEO/principal Jay Avigdor has made it his mission to provide an efficient and flexible funding experience and product for merchants.
“We’re setting new strides for speed and service every year. 2022 is going to be even more impactful for VCG and our stakeholders,” Avigdor said. “We have a big opportunity for us this year to build on last year’s initiatives. This line will give us the wings we truly need to fly. Giving us the ability to fund larger deals and provide longer terms.”
The new line of credit gives steady rails for Velocity Capital Group to continue growing and funding at a significant rate into 2023.
“We anticipate we will do north of 150M in funding this year with our current deal flow and this new line. We can provide well-needed cash during these troubling times to small businesses and fuel their success while growing ours as well. We can help small businesses access funding like never before in company history. Through implementing Drag-in, this new credit line with Arena, and with our amazing loyal employees and brokers, the sky is only the limit,” Avigdor said.
