Fora Financial, a provider of flexible working capital solutions to small businesses, reached the milestone of providing more than $500 million of working capital to more than 10,000 customers across the country. This landmark achievement was completed just shy of the company’s eighth anniversary.
Founded in 2008 by Jared Feldman and Dan Smith, the company prides itself on providing transparent lending services to small businesses looking to grow their operations. Fora’s 10,000 customers span a wide range of industries, such as restaurants, retail stores, construction companies, wholesale businesses and many others.
“Providing half a billion dollars of capital to American small businesses is a tremendous accomplishment for Fora Financial and reflects the immense commitment, effort and support of our employees and stakeholders over the past eight years,” said Dan Smith, co-founder of Fora Financial. “Most of all, this achievement displays the faith our customers have in Fora Financial’s ability to provide them with the capital they need to drive their own business success. We are more committed than ever to providing our customers with the products and services that will help their businesses thrive.”
In addition, the company recently received a $52.5 million senior revolving credit facility. The deal agreement provides Fora Financial with financing over the next three years and allows for the expansion of the facility size to $75 million, nearly triple the company’s current borrowing capacity. This flexible, low cost financing will allow Fora Financial to continue expanding, while helping more small business owners pursue the working capital they need to succeed.
During the past five years, the company has grown annual originations by more than 50%. With the announcement of its latest funding milestone, Fora Financial looks forward to continuing providing flexible working capital products to small business owners throughout the U.S.