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Related Headlines
| 11/08/2022 | Forward Financing an Inc. Power Partner |
| 10/05/2022 | New CFO at Forward Financing |
| 04/08/2022 | Forward Financing has new fresh image |
| 04/08/2019 | Forward Financing gets $90M credit facility |
Stories
Forward Financing Gets $250M to Grow
June 4, 2021
Forward Financing announced a $250 million credit facility from one of their current capital providers.
“This is a big win for our business and a testament to our strong financial performance throughout this difficult past year,” said Eugene Wong, Vice President of Strategy and Finance. “The increased facility gives us the flexible capital we need to grow and expand so that we can support the small business economy as it recovers on the other side of the COVID pandemic.”
Forward said it reported growing 60% in the past six months and expected to double the employee headcount in the coming year. The numbers back this up: the firm originated a total of $165,826,203 across 6,142 advances in 2020, a representative said. Forward reached a total of $1B in funding as of March 2021 since the firm was founded in 2012.
Forward Financing Wins Customer Service Award, Originates $165M in 2020
May 10, 2021Forward Financing won a Silver Stevie Award for the Best Customer Service Department of the Annual American Business Awards, for their work helping clients during the pandemic year. The firm originated a total of $165,826,203 across 6,142 advances in 2020, a representative said.
“We are truly honored to receive recognition for the fantastic job our Account Servicing team does every day to help our small business customers,” Justin Bakes, co-founder and CEO, said. “Particularly in 2020, that help was needed more than ever before to help small business owners get through the most difficult months of the pandemic.”
The firm said that in 2020, thousands of customers reached out to the Account Servicing Department (ASD) to request payment relief from the pandemic shutdown. The company trained 18 team members from different departments to join ASD, nearly tripling the size of the team, the firm said.
Forward competed with more than 3,800 nominations submitted this year for organizations across the US. Since 2012, Forward Financing has provided more than $1 billion in funding to more than 26,000 small businesses.
Forward Financing Reaches $1 Billion in Funding to Underserved Small Business
March 1, 2021Boston-based Fintech Company Expands Main Street’s Access to Capital During Pandemic, Achieves Major Growth Milestone
Boston, Mass., March 1, 2021 – Forward Financing, a financial technology company that provides flexible revenue-based financing to small businesses, today announced that they have provided $1 billion in funding since their inception in 2012. The majority of this funding has gone to underserved small businesses nationwide; those that are unable to obtain financing through traditional sources like banks or the Small Business Administration.
“Nine years ago, we started this company upon the realization that so many small businesses lacked access to working capital,” said Forward Financing co-founder and CEO Justin Bakes. “As we look ahead to our next $1 billion milestone, we will continue to focus on providing best-in-class customer service and on helping our small business customers reach their full potential, no matter what challenges may arise.”
The COVID-19 pandemic has severely impacted the U.S. economy and many small businesses have needed additional financial resources to get by. Despite over $600 billion in loans provided through the Payroll Protection Program, this alone has been insufficient in fulfilling the need for capital. As a result, many small business owners have turned to funders like Forward Financing for support.
Forward Financing is uniquely suited to help small businesses during this economic downturn because it offers financing that is based on revenue, and is not a loan. Therefore, small business customers who may be experiencing a revenue slowdown can reduce their payments proportionately.
“Forward Financing has helped me grow my business and take advantage of opportunities,” a retail business owner recently said. “Their service has been excellent and when COVID hit, they easily and efficiently helped me adjust my payment schedule so I remained current and my business was not interrupted. I will use them again and again in the future!”
Over the past six months, Forward Financing has grown daily funding volume at an average rate of 17% per month as they continue to help small businesses navigate the pandemic economy. In order to help meet rapidly growing demand, they are currently expanding headcount in Boston by 20%.
About Forward Financing
Forward Financing is a Boston-based financial technology company that provides fast, flexible working capital to small businesses nationwide. Their dedicated account representatives and advanced proprietary technology help customers spend less time finding capital and more time growing their business. With a simple, secure online application, business owners can trust that Forward Financing works to get them approvals within minutes, funding within hours, and personalized support when they need it most.
Since 2012, Forward Financing has expanded Main Street’s access to capital by providing over $1 billion in funding to nearly 30,000 small businesses. The company is rated A+ by the Better Business Bureau and ‘Excellent / 4.9 stars’ on Trustpilot.com. Forward Financing was named a Best Place To Work by both
the Boston Business Journal and Built In Boston, and has been named by both Inc. Magazine and the Boston Business Journal as one of Massachusetts’ fastest-growing companies each year since 2017. Forward Financing is committed to helping more small business owners succeed and achieve their full potential. To learn more, visit www.forwardfinancing.com.
Media Contact
Lauren Groccia
lmelaugh@forwardfinancing.com
508-314-3574
###
Maryland’s Commercial Financing Disclosure Bill Failed to Move Forward
April 12, 2022
Maryland’s commercial financing bill, propelled by bi-partisan support, failed to overcome the final hurdle before the State’s 2022 legislative session adjourned sine die yesterday. SB 825 passed the Senate in March and became the subject of much debate in the House of Delegates on the 30th. Testimony from 17 people was considered, much of it oral.
The bill’s lofty idyllic intent is perhaps what contributed to its demise. Despite legislative enthusiasm for applying consumer style protections to commercial finance transactions, regulators tasked with its actual implementation were amongst its harshest critics.
The Consumer Protection Division of the State’s Attorney General’s Office said “the bill makes a violation an unfair, abusive or deceptive practice in violation of the Consumer Protection Act. With limited exceptions, violations of the Consumer Protection Act are limited to consumer transactions, i.e., transactions that are primarily for personal, family or household use, and expanding the CPA to cover business-to business transactions would open a door that could lead to a significant increase in the number of complaints received by the Division, requiring the Division to add corresponding resources.” The Division gave an official thumbs down on the bill.
Maryland’s Department of Labor stated that the requirements of the bill would make it “difficult to operationalize from a monitoring, investigatory and enforcement perspective” and that there would be too much uncertainty given that New York, a state that passed a similar law, has been unable to effectively implement their own version. “Maryland small businesses, lenders and borrowers alike, may be negatively impacted if the rollout of the system in New York is significantly delayed or New York enacts systems or procedures not appropriate to or anticipated by Maryland businesses,” it concluded.
Other states, like California, have encountered similar problems with commercial financing disclosure legislation. The bill it passed in 2018 still has not been implemented over lingering disputes over how to do the math it mandates.
Proponents and critics alike picked away at each other’s arguments in Maryland, but when the session ended late late Monday evening to a hail of confetti and balloons, SB 825 had not been called. This was the third year in a row that a commercial financing bill has failed. Another version will likely be introduced when the legislature eventually returns.
And Now Florida Has Introduced a Commercial Financing Disclosure Bill
March 16, 2023
Florida has joined the chorus of states introducing commercial financing disclosure bills. While Florida’s bill looks more like Utah’s than it does California’s or New York’s, it seems to make a point about brokers using potentially deceptive business practices. Brokers take note, especially the last paragraph.
A broker may not:
Assess, collect, or solicit an advance fee from a business to provide services as a broker. However, this subsection does not preclude a broker from soliciting a business to pay for, or preclude a business from paying for, actual services necessary to apply for a commercial financing product, including, but not limited to, a credit check or an appraisal of security, if such payment is made by check or money order payable to a party independent of the broker;
Make or use any false or misleading representation or omit any material fact in the offer or sale of the services of a broker or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a broker, notwithstanding the absence of reliance by the business;
Make or use any false or deceptive representation in its business dealings; or
Offer the services of a broker by making, publishing, disseminating, circulating, or placing before the public within the state an advertisement in a newspaper or other publication or an advertisement in the form of a book, notice, handbill, poster, sign, billboard, bill, circular, pamphlet, letter, photograph, or motion picture or an advertisement circulated by radio, loudspeaker, telephone, television, telegraph, or in any other way, in which the offer or advertisement does not disclose the name, business address, and telephone number of the broker. For purposes of this subsection, the broker shall disclose the actual address and telephone number of the business of the broker in addition to the address and telephone number of any forwarding service that the broker may use.
Both the State Senate and House versions of the bill were introduced by republicans.
All Registered Sales-based Financing Providers in Virginia (List)
March 11, 2023Is the revenue-based financing provider you do business with registered to operate in Virginia? On July 1, 2022, Virginia’s commercial financing disclosure law went into effect and with that the necessity to register one’s business. As of March 8, 2023, this is the official list of registered sales-based financing providers:
- Advance Servicing Inc.
- Accredited Business Solutions LLC dba The Accredited Group
- Advance Funds Network LLC dba Advance Funds Network
- AdvancePoint Capital LLC dba advancepoint
- Ally Merchant Services LLC
- Alpine Funding Partners, LLC
- Business Capital LLC
- Byzfunder NY LLC dba Tandem dba Nano-FI
- Bridge Capital Services, LLC
- CFG Merchant Solutions, LLC
- Clarify Capital II LLC dba Clarify Capital
- Cloudfund VA LLC dba Cloudfund LLC
- Capflow Funding Group Managers LLC
- Clear Finance Technology (U.S.) Corp. dba Clearco
- Coast Premier LLC dba Coast Funding
- Commercial Servicing Company, LLC
- Corporate Lodging Consultants, Inc.
- Crown Funding Source LLC dba Crown Funding Source
- Diesel Funding LLC
- Direct Capital Source Inc.
- Dealstruck Capital LLC
- EBF Holdings, LLC
- Essential Funding Group Inc
- Errant Ventures LLC
- FC Capital Holdings, LLC FundCanna
- Fidelity Funding Group LLC
- Front Capital LLC
- Finova Capital, LLC
- Fintegra, LLC
- First Data Merchant Services LLC
- FleetCor Technologies Operating Company, LLC
- Flexibility Capital Inc.
- Fora Financial East LLC
- Forward Financing LLC
- Fox Capital Group Inc.
- Fundamental Capital LLC
- Funding Metrics, LLC dba Quick Fix Capital
- Good Funding, LLC
- Granite Merchant Funding, LLC
- Invision Funding LLC
- Itria Ventures LLC
- Jaydee Ventures, LLC dba 1 West Capital dba 1 West Commercial
- Kapitus LLC
- Knight Capital Funding III, LLC
- Lexington Capital Holdings Ltd
- LG Funding LLC
- Legend Advance Funding II, LLC dba Legend Funding
- Liberis US Inc.
- Libertas Funding, LLC
- Liquidibee 1 LLC dba Liquidibee LLC dba Altfunding.com
- Loanability, Inc.
- Millstone Funding Inc.
- National Funding, Inc.
- Nav Technologies, Inc.
- Pearl Alpha Funding, LLC
- Pearl Beta Funding, LLC
- Pearl Delta Funding, LLC
- Proto Financial Corp.
- PWCC Marketplace, LLC
- Parafin, Inc.
- PayPal, Inc.
- Payability Commercial Factors, LLC
- Pinnacle Business Funding LLC dba Custom Capital USA dba EnN OD Capital
- Platform Funding LLC
- Prosperum Capital Partners LLC dba Arsenal Funding
- QFS Capital LLC
- RFG USA Inc.
- Rival Funding, LLC
- Riverpoint Financial Group Inc.
- Rocket Capital NY LLC
- ROKFI LLC
- Ruby Capital Group LLC
- Rapid Financial Services, LLC
- Reliant Services Group, LLC
- Retail Capital LLC dba Credibly
- Revenued LLC
- Rewards Network Establishment Services Inc.
- Secure Capital Solutions Inc.
- Sky Bridge Business Funding, LLC
- SMB Compass LLC dba SMB Compass
- Santa Barbara Tax Products Group, LLC
- SellersFunding Corp.
- Sharpe Capital, LLC
- Shine Capital Group LLC
- Shopify Capital Inc.
- Shore Funding Solutions Inc.
- Streamline Funding, LLC
- Stripe Brokering, Inc.
- The LCF Group, Inc.
- United Capital Source Inc.
- Upfront Rent Holdings LLC
- Upper Line Capital LLC
- Vader Servicing, LLC
- Velocity Capital Group LLC
- Vivian Capital Group LLC
- Vox Funding, LLC
- ZING Funding I, LLC
Update on Maryland Commercial Financing Bill
March 20, 2022Maryland’s commercial financing disclosure bill is continuing to move through the state legislature. After debate with potentially affected parties, some changes were made to the bill’s language. The APR requirement on sales-based financing transactions remains in the bill, however.
The bill passed through the Senate unanimously (47-0) and has been referred to the House. The original version in the House had been withdrawn but that was most likely because the members of that chamber anticipated that substantive edits would take place in the Senate. The House will now resume review and consideration of the Senate’s version going forward.
New York DFS: The Commercial Financing Disclosure Requirement is Happening
September 21, 2021
New York State’s financial regulator announced that the commercial financing disclosure law is moving forward as planned for the Jan 1, 2022 deadline.
To prepare those that will be subject to it, Acting Superintendent Adrienne A. Harris released a copy of proposed regulations that will be open to comment for 60 days.
Its length, 45 pages, demonstrates the complexity that compliance will require. Anyone involved in commercial or small business financing should take the careful time to read it.
“The Department of Financial Services will then review all received comments and issue a final regulation,” the announcement says.
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