Fora Financial, a provider of working capital solutions to small- and medium-sized businesses, acquired a significant stake in US Business Funding (USBF). The combination will create a direct sales organization in the small business alternative lending space, while deepening the partnership between the two companies.
USBF links small businesses across a variety of industries with financing products based on their specific needs, including vendor programs, capital equipment loans and leasing solutions. Since 2014, the company has grown originations more than 100% annually and now employs 40 salespeople in its Irvine, CA office.
Peter Ribeiro, founder and CEO of USBF, will continue to lead USBF in executing its growth plan. Terms of the acquisition were not disclosed.
“Joining forces with US Business Funding is an important strategic step for Fora Financial,” said Jared Feldman and Dan Smith, Fora Financial’s co-founders. “As a result of the acquisition, Fora Financial will have nearly $400 million of annual originations, and we will add complementary and dynamic sales and marketing capabilities and be able to access other financing products. We look forward to working with Peter and his team on ways to expand what is already one of our most successful relationships.”
“This is an exciting time for all of us at US Business Funding,” Ribeiro said. “We have rapidly built one of the top sales organizations in the industry, and now we have the opportunity to leverage the expertise and resources of Fora Financial to fuel our growth even further. Jared and Dan have established Fora Financial as one of the top lenders in the space, and we are motivated to build on our terrific relationship with them to create even more opportunities for our companies to succeed.”
In July 2017, Fora Financial expanded its senior credit facility to support its continued growth. Later this month, it will celebrate its 10th anniversary and soon thereafter expects to surpass $1 billion of capital provided to small businesses across the U.S.