Fora Financial, a provider of working capital to small- and medium-sized businesses, closed a $100 million revolving credit facility with Credit Suisse and Hudson Cove Capital Management. Sector Financial, an affiliate of Credit Suisse, provided access to the debt facility, which will give Fora Financial up to $150 million of borrowing capacity over the next two years.
This marks the second collaboration between Fora Financial and Hudson Cove, which previously served as an investor in Fora Financial’s inaugural asset-backed securitization.
“We are very pleased to secure this new credit facility,” Andrew Gutman, president of Fora Financial, said. “In light of the pandemic-related obstacles we and our customers have overcome over the past 12 months, this is an important milestone that will help us deepen our support of the small business community we are proud to serve.”
Founded in 2008, Fora Financial offers financing solutions to small and medium-sized businesses in need of additional working capital.
“We would also like to thank the teams at First Horizon Bank and AloStar Bank for their tremendous support over the past four years, and especially for their commitment to the company throughout the many challenges of the pandemic,” Gutman said.