ForwardLine Financial, a leading direct lender of small business loans, has secured a new $100 million senior credit facility with Credit Suisse, CaymanIslands Branch and Neuberger Berman private equity funds.
Sector Financial, an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility. The company is also continuing its eight-year relationship with East West Bank.
The new $100 million of funding capacity will be used to support ForwardLine’s industry leading growth. Building on its record-breaking performance in 2018, the company increased year-over-year total originations by over 300% in the first quarter of 2019. The company is continuing to invest in data, technology, and talent to deliver an outstanding customer experience and further execute on its aggressive growth plan. The organization is focused on growth initiatives that will help it achieve its overall mission of “improving the financial health of America’s small businesses.”
“We are passionate about helping America’s small businesses obtain the capital they need to thrive,” said ForwardLine’s CEO, Steve Carlson. “As part of this effort, we are excited to further diversify our capital structure with a group of top-tier investors and look forward to working with Sector Financial, Credit Suisse, Neuberger Berman, and East West Bank during this next chapter of ForwardLine’s growth.”
The facility will be used to provide affordable working capital to America’s small businesses. Since 2003, ForwardLine has provided more than $500,000,000 in funding to more than 15,000 companies. ForwardLine uses a proprietary algorithm that leverages real-time customer data to optimize credit decisions.
ForwardLine Financial, a nationwide non-bank lender, has been successfully providing small businesses with fast, convenient financing alternatives to traditional business loans since 2003.