National Funding Announces the Upsize of Their Bank Credit Facility and the Issuance of Corporate NotesOctober 12, 2021
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.
Publicist for National Funding
Fundomate Announces $50 Million Line of Credit to Bring Embedded Automated Funding and Real-Time Banking to Payments and SMB MarketplacesSeptember 30, 2021
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.
“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.”
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.
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
More 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.”
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.
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
0161 393 9536
Someone once told me that I would’ve been a great marketing guy. In the span of 24 hours, we’ve collected a lot of feedback and commentary about a planned 5-episode web TV show.
I appreciate everyone’s thoughts on what they anticipate it would be about and how it would play out. There are a lot of young professionals out there who would benefit from educational tools and materials. We’ve been compiling learning materials for them over the past year. In my opinion, this show was in the same vein, just structured differently.
I personally think that there is a generational gap on how information is consumed. Today’s new young professionals were born on or after the year 2000. I think about them often: what they view, how they view it, what they remember, and why they remember it. I have to. Some of them are our readers or I hope they will be.
A recording of it can be viewed here.
deBanked upgraded to a new server over the weekend, a long overdue enhancement that will more than double the processing power and workload the site can handle. Users may experience occasional glitches or bugs over the next few days while kinks from the transfer are ironed out.
If you spot a major error, please email firstname.lastname@example.org.
Thanks for your understanding. This update is unrelated to this.
Intuit, the producer of QuickBooks and owner of Credit Karma, originated $232M in small business loans for the fiscal year of 2021 that ended on July 31. That was slightly below fiscal year 2020’s $243M and down significantly from 2019’s $316M. Cumulatively, however, the company has originated approximately $928M since it started lending at the end of 2017.
QuickBooks Capital requires that applicants have their bank accounts connected to the QuickBooks software and revenue of at least $50,000 over the past 12 months. APRs can range anywhere from 9.99% APR to 34% APR.
Intuit completed its acquisition of Credit Karma at the end of last year. Credit Karma generated a quarterly record revenue of $405 million.
On Monday, deBanked will make an announcement about something new. What could it be? Any ideas?
I guess you’ll have to find out by subscribing to our email newsletter. Of if you’re already subscribed, stay tuned.
Boynton 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 email@example.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.