WBL Experiences Unplanned Growth, Suspends Further Fundings

World Business Lenders is suspending funding, according to a representative of the company.

Earlier today, WBL CEO Doug Naidus circulated a memo with an update on the company’s status:

“Our Company has experienced unplanned growth this year given market conditions. As a result, we have fully deployed our existing credit availability and must therefore suspend any further fundings and related operations until additional lending capacity is installed. During this interruption in our business and while we continue discussions with alternative capital sources, the company will take the opportunity to pivot to a new business model.”