This is a press release account. Content posted by me are not editorials or promotions. Share your press release with us at info@debanked.com | (212) 220-9084

Articles by Press Release

rss feed

National Funding Announces the Upsize of Their Bank Credit Facility and the Issuance of Corporate Notes

October 12, 2021
Article by:

National Funding logo

SAN DIEGO, Calif. October 12, 2021 – National Funding, Inc., one of the largest U.S. specialty finance companies serving small- and medium-sized businesses, announced the recent renewal and upsize of a $60.0 million senior secured warehouse line of credit. The facility, which includes an accordion to expand to $75.0 million, was provided by a prominent U.S.-based commercial bank. The facility will continue to be used by the Company to fund new originations and support additional growth of the platform.

Concurrent with the transaction, National Funding also secured a $55.0 million investment-grade rated corporate note financing provided by a consortium of institutional investors. The transaction was assigned a BBB+ rating by a nationally recognized statistical ratings organization. Having closed this additional financing, National Funding is well positioned to support its partners and enhances the Company’s ability to take advantage of significant market opportunities.

To date, National Funding has provided more than $4.3 billion in working capital and equipment leasing for more than 75,000 small- to medium-sized businesses nationwide.

“As the economy recovers from the pandemic, this challenging environment is creating opportunities for National Funding to accelerate our growth plans and at the same time provide flexible capital solutions to our client base seeking to expand their businesses,” stated Dave Gilbert, CEO of the Company. “Our ability to close these transactions with multiple institutional partners has substantially expanded our financial capacity and flexibility and is a validation of the strength of the robust platform that National Funding has built.”

Joe Gaudio, President of National Funding, stated, “These new facilities represent the continued evolution of the Company’s funding sources, providing National Funding with a unique opportunity to reduce our cost of funding and access more diversified sources of capital. Both investments are a strong endorsement of the stability and success of our Company and of our mission to transform the way small businesses access the capital they need to grow.”

Brean Capital, LLC served as the Company’s Exclusive Financial Advisor and Placement Agent in connection with the note transaction.

About National Funding

Founded in 1999, National Funding is a leading U.S. specialty finance company serving small- and medium-sized businesses. The Company’s foundation serves American small business owners by providing funding solutions to meet their needs to reinvest in their day-to-day operations and help them grow. National Funding’s digital funding process has elevated its digital capabilities by delivering a fast and simple online application. For more information about National Funding, visit https://www.nationalfunding.com.

Contact:
Susan Almon-Pesch
Publicist for National Funding
sue@speschialpr.com

Fundomate Announces $50 Million Line of Credit to Bring Embedded Automated Funding and Real-Time Banking to Payments and SMB Marketplaces

September 30, 2021
Article by:

fundomate team

Los Angeles, September 30, 2021 — Fundomate, a leading embedded finance provider of automated business funding solutions and real-time banking tools for merchant-facing platforms, announced the closing of a $50 million line of credit with Revere Capital today. The new line of credit is Fundomate’s largest to date.

Fundomate will leverage the credit facility to scale up its partnerships with merchant-facing businesses and grow the company’s new white-label banking platform. The platform enables merchant-facing platforms and marketplaces to rapidly expand their product suite and enhance engagement by offering automated financing and embedded banking tools under their own brand.

Fundomate Phone“With the closing of the $50 million credit line, Fundomate can scale its proven automated funding platform via its one-touch funding tool already embedded within 100+ payment processing partners and marketplaces”, says Sam Schapiro, CEO and Founder of Fundomate. “We’re excited to also focus on our new embedded real-time banking platform, which uses AI and advanced forecasting to provide our partners the ability to offer their customers free short-term working capital that’s available for immediate use.”

Revere Capital Managing Director Christopher Gilker said, “We’re incredibly excited to grow with Fundomate. As I tell all my colleagues, Fundomate is a company at the right place at the right time. The team is ambitious, and I have no doubt the company will disrupt the fintech, payments, and banking space in a big way.”

Revere Capital Managing Director Suman Mallick commented further, saying, “I’m very excited about Fundomate’s potential to change how businesses manage their banking and credit needs. I believe the company will benefit from strong secular tailwinds and has vast opportunities for growth with merchant-facing businesses throughout the US.”

Waterford Capital structured and arranged the line of credit on behalf of Fundomate. Dave Piotrowski, Managing Director at Waterford Capital, said, “Fundomate has an advantage over others in the merchant finance space through the products offered through their payment processor partners. This financing relationship with Revere Capital will help take the company to the next level and further broaden their competitive advantage.”

About Fundomate

Fundomate is an innovative fintech company that operates in the alternative lending space and provides both direct-to-business and white-labeled turnkey solutions, enabling merchant-facing platforms to offer alternative funding products to their customers as a value-added proposition.
The company has deployed over $100M to more than 2000 merchants across various industries in
the United States.

About Revere Capital

Revere Capital is a private credit manager with expertise in lower middle-market real estate bridge lending & specialty finance. The firm’s disciplined underwriting utilizes fundamental real estate analysis and research, emphasizing intrinsic value to create a diversified portfolio for investors. Revere also specializes in financing other commercial interests, consumer interests and insurance-backed interests. With a national footprint, Revere Capital offers speed, certainty of execution, and creativity to structure loans to fit borrowers’ needs and provide contractual income for investors.

About Waterford Capital

Waterford Capital is a leading arranger of structured finance and asset securitization transactions. The firm advises specialty finance companies and asset managers in connection with warehouse credit facilities, private placements of asset-backed securities, whole loan sale programs, and mezzanine and equity capital raises.

More Than 70% of UK SMEs Say They’re Bouncing Back After the Pandemic

September 15, 2021
Article by:

A survey by alternative lender Capify has found the UK’s small to medium-sized businesses are bouncing back strongly as coronavirus restrictions continue to ease

45 per cent of SMEs say they’ve already hit or surpassed pre-Covid levels of turnover, with a further 26 per cent expecting to return within one year

The results also show alternative lenders are now being used to finance businesses just as much as traditional banks

capifyMore than 70 per cent of UK SMEs are making strong post-pandemic recoveries, according to a new study investigating the impact of Covid-19 on small businesses.

Just weeks on from the relaxation of restrictions on July 19th, 45 per cent of SMEs say they have already hit or surpassed pre-Covid levels of turnover, with another 26 per cent expecting to achieve that within a year.

More than 250 SMEs were involved in the survey by alternative lender Capify, which also highlighted how 48 per cent of UK businesses had adapted their business models in some way to survive during lockdown. Launching online sales (38 per cent) and adopting new services or products (38 per cent) were the two most popular answers.

The findings also made good reading for employment statistics, with over 50 per cent of SMEs making no permanent cuts to their number of staff over the past 12 months, despite 64 per cent using the Coronavirus Job Retention Scheme (CJRS) during the pandemic.

The second most popular Government-backed support used was the Bounce Back Loan Scheme (BBLS), which was taken up by 55 per cent of SMEs.

The important role of alternative lenders alongside traditional banks through the pandemic was also highlighted, with 41 per cent saying they would look to traditional lenders for future loans and finance, closely followed by alternative finance companies at 39 per cent.

And with the survey finding that one in three businesses expect to need finance during the next 12 months, John Rozenbroek, CFO/CCO at Capify says the need for a range of financial options to support the UK’s economic recovery is clear.

“It’s fantastic to see that the majority of UK businesses are enjoying strong performances following the easing of lockdown restrictions, with many reaping the rewards of adapting their business models during the pandemic,” he said.

“The CJRS and BBLS clearly played important roles in keeping SMEs ticking over, but it’s also important to note that many small businesses went without much government support, having fallen through the gaps of various support schemes.

“Alternative finance has played a huge part in propping up and supporting businesses through the challenges of the last 18 months, and our data show that as an industry, it is now being considered by SMEs just as much as traditional lending options like high street banks.”

Despite the easing of restrictions, Covid-19 continues to impact SMEs with 54 per cent of survey respondents saying uncertainty over the future will be their number one challenge during the next 12 months.

“There is still a long way to go on the road to recovery for SMEs, even following the end of financial support from the Government, which is why alternative lenders like ourselves will need to be working closely with them,” added John.

“SMEs make up an incredible 99 per cent of the UK’s business population, and have companies across so many sectors have proven their resilience repeatedly, so it’s crucial for the economic recovery that SMEs continue to grow and succeed.”

ENDS

Notes to Editors
The Capify SME confidence survey received over 250 responses from UK SMEs across a wide range of sectors, including Construction, Manufacturing, Agriculture, Motor trades, Restaurants, Professional Services and Transportation.

About Capify

Capify is an online lender that provides flexible financing solutions to SMEs seeking working capital to sustain or grow their business. The fintech company has been operating in the UK market for over 13 years and also has a sister company, Capify Australia, which provides similar services to Australian SMEs for over 13 years.

For more details about Capify, visit: http://www.capify.co.uk

Capify Media Contact:

Ian Wood, Marketing Director
iwood@capify.co.uk
0161 393 9536

Stacey Huddleston Joins Seacoast Business Funding

August 17, 2021
Article by:

seacoast business fundingBoynton Beach, FL – August 16, 2021 – Seacoast Business Funding is pleased to announce the addition of Stacey Huddleston as Vice President, Business Development Officer. Mr. Huddleston is based in the Midwest and will focus on expanding the Seacoast portfolio in the region. He brings over twenty years of expertise in the financial and alternative lending space providing creative solutions for businesses with complex financial needs.

Seacoast is focused on driving growth and cultivating client relationships to meet the increasing financial needs of businesses throughout their lifecycles. I am confident Stacey’s extensive industry knowledge and relationship-driven approach will drive growth and strengthen our presence across the Midwest region. He will make a welcomed addition to the team,” remarked, Jay Atkins, President of Seacoast Business Funding.

Huddleston is a US Army Veteran who holds a bachelor’s degree from Illinois State University and an MBA from Baker University. He has held many distinguished positions throughout his career dedicated to providing businesses with financing to meet their strategic goals. “I am pleased to be joining Seacoast Business Funding. Their focus on ensuring businesses receive the right custom funding solutions is what sets them apart. The opportunity to be part of such an experienced and client-focused team is exciting, and I look forward to driving successful growth for Seacoast in the Midwest,” commented Huddleston. Mr. Huddleston is a member of the SF Net, International Factoring Association, and Association for Corporate Growth. For deal inquiries, Stacey may be contacted by email at stacey.huddleston@seacoastbf.com or by phone at 816-372-5223.

About Seacoast Business Funding

Seacoast Business Funding provides customized and timely working capital financing solutions to small and middle-market companies engaged mainly in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 Million. Credit facilities are in the form of Factoring, Invoice Purchasing or Asset-Based agreements. Seacoast Business Funding is a Division of Seacoast National Bank. Member FDIC. For more information visit SeacoastBusinessFunding.com.

###

Reliant Funding Announces Steve Kietz as New CEO

August 10, 2021
Article by:

Industry veteran and former Chief Marketing Officer is appointed Chief Executive Officer of the leading alternative finance company

San Diego, CA (August 10, 2021)Reliant Funding, a leading small business finance company, today announced that it has named Steve Kietz to the role of Chief Executive Officer. Kietz previously served as the firm’s Chief Marketing Officer. The industry veteran will guide Reliant Funding on its mission to continue providing world-class, customized finance solutions for American Small Businesses.

As CMO, Kietz was instrumental in expanding Reliant Funding’s marketing, risk and technology initiatives. He is a seasoned financial services professional with a more than 30-year track record of leading successful teams and is widely recognized as an industry leader in cultivating strategic partnerships. Prior to joining Reliant, Kietz served as President of Inte Q, was Founder and CEO of Mobile Money Ventures (which was acquired by Intuit), and held leading roles at Citi and JP Morgan, including President of Citibank Direct. Outside the profession, Kietz has volunteered as Vice President of the Familial Dysautonomia Foundation for over 30 years.

Commenting on his appointment, Kietz said, “I’m excited and grateful for the opportunity to lead Reliant Funding into a new era, where we are positioned as industry leaders in delivering value to our customers. The company has a long history of providing outstanding financial solutions to small businesses and I am deeply humbled to continue this legacy. I am excited to lead a team of great people and I look forward to continuing to execute our mission.”

Reliant Funding has grown rapidly as it seeks to help small businesses across the country in achieving their financial goals, having provided nearly $2 billion in funding to over 30,000 companies since 2008. The nationally recognized company works to provide tailored financial solutions, regardless of business size. Reliant Funding is owned by Angelo Gordon, a leading global alternative investment firm that provides research-driven investment solutions, driven by their 30+ years of expertise.

Art Peponis, Head of Private Equity at Angelo Gordon, said, “Steve has been instrumental in building Reliant Funding to the leading alternative finance company it is today and has been pivotal in its ability to continue to provide support to small businesses impacted by the devastating COVID-19 pandemic. His decades of expertise, innovative perspective and dedication to our people and small businesses made him the perfect fit as the new CEO of Reliant Funding. We’re confident that he will continue to provide American small businesses with the access to funding they need and the service that assists them in accomplishing their goals. The future is bright for Reliant Funding.”

For more information on Reliant Funding, please click here.

###

Reliant Funding, headquartered in San Diego, provides customized, short-term funding to small and mid-sized businesses nationwide. For more information, please visit www.reliantfunding.com.

Angelo Gordon, headquartered in New York City, is a global alternative investment company, focused on credit and real estate. For more information, please visit www.angelogordon.com.

Fundworks Completes a Refinancing of its Capital Structure of up to $70 Million

July 13, 2021
Article by:

The Company Announced Today the Closing of a New Bank Credit Facility and the Issuance of Corporate Notes

fundworks logoVAN NUYS, CA, July 13, 2021: The Fundworks, LLC, a leading a tech-enabled small business finance company, announced the recent closing of a $25.0 million Credit Facility with a commercial bank and the sale of $20.0 million of Senior Secured Notes to a group of U.S.-based institutional investors. The Credit Facility is expandable up to a maximum of $50.0 million, representing a total capital raise of up to $70.0 million. These transactions refinanced the Company’s existing Senior Credit Facility and subordinated debt and provide substantial excess capital to fund the continued growth of its small business funding platform.

“We are very pleased to announce this financing, which will allow us to significantly expand our ability to provide funding to our small business client base,“ said Co-Founder and Chief Executive Officer, Evan Smiedt. “This new capital strategically positions The Fundworks to be the funder of choice for small businesses as they re-accelerate growth after a difficult and uncertain 2020. Quick access to capital is key for small businesses to succeed and we are very happy to be well capitalized when our clients need us the most.”

“Given the volatile markets and challenging funding environment in our sector, our ability to close these transactions with multiple, large and established financial institutions is a strong endorsement of the The Fundworks and the continued efforts by our employees and partners to put our clients first,“ said Bradley Smiedt, Co-Founder and Chairman. “We look at the closing of this financing as a significant next step in the growth and success of our Company.”

Brean Capital, LLC served as the Company’s Exclusive Financial Advisor and Placement Agent on both transactions.

About The Fundworks:

The Fundworks is a tech-enabled finance platform providing working capital solutions to merchants to grow their businesses, take advantage of short-term opportunities and fund seasonal business fluctuations. The Company’s proprietary technology platform makes the opaque, time-consuming process of obtaining capital simple, fast and reliable. Since inception, Fundworks has funded nearly $400 million to over 8,300 small businesses throughout the United States. The Company is headquartered in Van Nuys, CA. For more information, please visit: https://www.thefundworks.com/.

For more information/ questions/ interview requests / media inquiries, please contact: Evan Smiedt
Email: info@thefundworks.com | Phone: (844) 644-FUND

DataMerch.com Surpasses 50,000 Records

July 7, 2021
Article by:

DataMerch grows past 50,000 unique records entered by funder-members

datamerchTampa, July 7th, 2021 /DeBanked/ — DataMerch.com, an online underwriting database for the alternative financing industry, announced they had surpassed 50,000 records in their database. The company that was founded in 2015 has grown to become an industry standard in up front application screening.

“Our records are unique because they are a datapoint that doesn’t exist anywhere else,” said Co-Founder Cody Burgess. “The challenging part when underwriting in the alternative financing industry is that credit and other reports only carry so much information. Our records are entered directly by our funder-members, so it’s easy access to see what type of history a merchant business has in our industry.” When asked what differentiates DataMerch records from other reports, Mr. Burgess responded, “Some of our categories are unique, like suspicious activity, slow pay, split payer, and Covid-19 Hardship. Our largest category is Default, which is also often difficult, if not impossible, to find on other reports. All data we hold is reported directly from our members, so it’s direct communication without aggregating all sorts of other information. We believe it is simple and powerful information for any underwriting department.”

DataMerch leadership say they will continue to grow their record count in the years ahead and hope to surpass 100,000 records in the future. They also hinted at upcoming updates to standardize uploading records moving forward with a rolling minimum upload requirement. Management says this will ensure that all members will evenly contribute moving forward and will help with the long-term success of the platform.

About DataMerch

DataMerch LLC was founded in 2015 to help funders in the alternative financing industry make informed underwriting decisions. DataMerch members can screen their applications using DataMerch’s specifically designed FEIN search and enter unsatisfactory businesses into the database. DataMerch currently has over 110 industry-leading subscribed members working together as a community. DataMerch can be accessed at https://www.datamerch.com and contacted for membership at support@datamerch.com

Good Funding Announces Closing of up to $30 Million Credit Facility

May 19, 2021
Article by:

good fundingTransaction Represents Company’s Inaugural Institutional Financing

TUSTIN, Calif., May 19, 2021 – Good Funding, LLC (“Good Funding”), a recently-launched small business finance company, has closed on a $20.0 million senior revolving credit facility with a U.S.-based, credit focused asset manager. The agreement includes an accordion feature with the option to increase the credit facility to $30.0 million. The transaction represents Good Funding’s inaugural institutional financing. Proceeds will be used to increase the Company’s funding capabilities and execute its strategic growth plan.

“We are thrilled to have closed on this first round of institutional financing,” said Jason Osiecki, Co-Founder and President of Good Funding. “This credit facility will allow us to accelerate the growth of our funding platform, expand our team, and ultimately empower even more small businesses to move forward.”

“With less than a year in business, in the midst of a pandemic that is still negatively impacting America’s small businesses, we view this investment as a strong endorsement of what Good Funding can accomplish,” said Co-Founder and CEO of Good Funding Ben Gold. “Closing on this credit facility validates our mission to transform the way small businesses access the capital they need to grow and thrive. We cannot wait to put this investment into action.”

Brean Capital, LLC served as the Company’s exclusive Advisor and Placement Agent in connection with this transaction.

About Good Funding, LLC
Founded in 2020, Good Funding is a privately-held financial services firm that provides alternative funding resources to America’s small businesses. Our products are designed for business owners who cannot access working capital through traditional methods, or simply need funding with a rapid-fire turnaround. Good Funding allows entrepreneurs, start-ups and established businesses to build self-reliance and a brighter financial future.

Media contact:
Jenny Alonzo
VP, Marketing
714.384.7189
jalonzo@goodfunding.com