National Funding and its recently launched holding company FairSquare, secured a bank line of credit commitment for $83.25 million from Forbright Bank, with a total expansion capacity of up to $150 million.
The Forbright Bank credit facility includes $9 million in mezzanine capital from Hudson Cove Capital Management and sets up the fintech to meet its growth targets for 2025 and beyond. It will increase National Funding’s leverage from 85% to 90%, while building liquidity, origination capacity and balance sheet growth.
“For owners of the more than 33 million U.S. SMBs, access to capital remains a crucial component for success,” Dave Gilbert, CEO of National Funding, said. “Forbright Bank and Hudson Cove have made it possible for National Funding to fund SMBs so they can meet their critical requirements for payroll, inventory, equipment, expansion opportunities or any other business expense. Our mission is to help SMBs thrive, whether they’re established start-ups or mature companies. Forbright has helped us ensure our customers have the financial wellbeing to fuel their futures.”
“At Forbright Bank, we believe financing for small businesses is vital to fostering innovation and creating opportunities for future generations,” Brian Petronis, managing director for lender finance at Forbright Bank, said. “We’re excited to partner with an innovative and trusted lender like National Funding, and we look forward to continuing a long-term relationship that creates opportunities for years to come.”
