Fora Financial Crosses $500 Million in Small Business FundingJuly 5, 2016 | By: Srividya Kalyanaraman
Fora Financial crossed the $500 million mark in providing 10,000 small businesses with working capital since 2008.
The eight year old New York-based company that does merchant cash advances and business loans was started by college friends Dan Smith and Jared Feldman and finances a wide clientele of restaurants, retail stores, construction companies and more.
In May this year, the company closed a $52.5 million senior revolving credit facility with a group of financial institutions which will take care of Fora’s financing for the next three years and allow for expansion of the facility to $75 million.
“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,” says 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.”Last modified: July 5, 2016
As editor, Srividya drives daily news coverage and editorial strategy. Previously, her work has appeared in publications like Money magazine, Advertising Age, FirstPost and The Economic Times. She has also dabbled in business intelligence solutions, and holds a Masters degree in Business and Economic Reporting from NYU. Write to her at email@example.com