Announcements
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
###
New Functionality For Digital Advertisers
February 9, 2021
Today, we’re announcing a new feature for digital advertisers. Businesses advertising on our website now have the option to login with a deBanked account and track their ad click figures in close to real time.
We began to roll this out in January to all ad clients that expressed an interest in it. A press release went out this morning.
It’s one of several things that we’ve been working on for a while. Our clients can also view what their current ads are when they log in, even if it’s more than one campaign.
The data is updated on an automated basis and the identities of the visitors that clicked is kept anonymous. We’re also offering white-labeled deBanked-hosted landing pages as a service to assist with managing the conversion process. As everyone knows, we also have designers that can create the ad artwork itself.
deBanked serves a business-to-business market and I think the elephant in the room is that much of the industry’s referral business is being sourced through our website. We outpace all of our competitors on a page view basis by a long shot and we’ve determined that it would be valuable for our digital clients to track the activity we’re generating, and then if further assistance is needed, facilitate the conversion process as well. We think about it from the user perspective too. We want the user clicking those ads to find whatever it is they’re seeking. We’re ultimately striving for an end-to-end experience where all parties are satisfied.
We’ve also compiled a short FAQ about how to interpret the click data.
You can email questions to info@debanked.com.
Thanks so much for being part of the deBanked universe.
– Sean Murray
ROK Financial Announces Cannabis Banking Partnership with BNB Bank
January 14, 2021Great River, NY: ROK Financial, a leader in the alternative and commercial lending space is excited to announce their newest partnership with BNB Bank’s Cannabis division. This new partnership allows for ROK Financial to offer direct checking and savings to Cannabis businesses through BNB Bank.
“This new partnership is truly filling a void within the Cannabis industry” says James Webster, CEO of ROK Financial “Federal regulations make it near to impossible for Cannabis related businesses to utilize traditional banking methods. We’re proud to partner with a financial institution that sees the value and need within the industry.”
BNB Bank, headquartered in Bridgehampton, NY has 39 locations from Manhattan to Montauk. BNB Bank provides the resources of a strong financial institution, exceptional customer service, and access to a suite of leading-edge money management tools. They are publicly traded on Nasdaq (BDGE) and have a 5-star rating (Bauer Financial). Peter Su, Vice President – Private Banking BNB says: “This new relationship with ROK Financial allows us to service a wider variety of clientele. We’re excited to work with ROK Financials existing Cannabis clients as well as attracting new relationships through this partnership.”
A large majority of traditional institutions tend to shy away to offering traditional banking to the industry as a whole due to the lack of regulations and financial risk they may face. Banks also risk losing their master account with the Federal Reserve due to the ‘risk’ of the industry. “BNB Bank has a board approved Cannabis Banking Policy that we strictly abide to, and have established a compliance monitoring program providing seed to sale regulatory support to ensure we all are in compliance” says Su “We are happy to help provide needed resources to these thriving businesses.”
About ROK Financial
ROK Financial’s team committed to establishing ROK solid relationships with our clients, lenders, and partners. By providing the best financing solutions available to business owners while creating a positive association with business financing. Through our streamlined process, revolutionary technology and educated team of experts, we support business owner’s ability to create new opportunities. ROK Financial is proud to empower the heartbeat of our country, our small businesses.
Megan Capobianco
3500 Sunrise Highway
Building 100, Suite 201
Great River, NY 11739
833-337-6534
press@rok.biz
www.rok.biz
Commercial Collections Company Feeds One Million Children
January 11, 2021Roseville, MN—January 11, 2021—Dedicated Commercial Recovery Inc. has now fed one million children. Through a three-year partnership with Feed My Starving Children (FMSC), Dedicated has now donated one million meals to children across the globe. Dedicated’s founder and CEO, Shawn Smith, hopes that the company’s philanthropic business practices will inspire others to incorporate similar practices into their own daily operations.
The one millionth meal marks a major milestone in the company’s mission to use debt collection as a force for good. Smith incorporated charitable giving into daily operations soon after the company’s 2015 inception. First, the company donated one meal for every account that was collected by Dedicated’s specialists. Soon after, the company expanded this goal to include one meal donated for every collections account that was placed with the company. Along the way, the company made seasonal and other donations.
Today, Dedicated donates 10 meals for every account that is placed by a client, 10 meals for every new arrangement that is negotiated by a collector, and 10 meals for each day that is worked by every non-collector on staff. Dedicated also sponsors FMSC’s Annual Gala and Pack at the Park events. In addition, Dedicated has integrated charitable giving into its Legal Path Program and its equipment finance services.
Of course, this approach to business doesn’t go without drawing its share of skepticism.
“Even in years where profit is down, I believe there is still space to give. There is always a way to live and operate generously. Do some people think I’m crazy? I’m sure of it,” says Smith. “But leading with our values has brought our company growth and employee excellence since day one.”
Smith explains that he intends to lead by generous example in an industry that is caricatured for its miserly and aggressive behavior.
“We’re using perhaps the most stereotyped industry in the world to demonstrate that any business–even a collections company–can be a force for good,” says Smith.
Dedicated employees, their families, and their friends volunteer with FMSC multiple times per year, packing the meals that will be shipped out to hungry children. And while one million meals is a huge milestone, the Dedicated team has their sights set on donating an additional 1 million meals within the next 12 months. To learn more about the Dedicated mission, visit dedicatedcri.com/mission.
About Dedicated Commercial Recovery Inc.
Dedicated Commercial Recovery is a financial services company, specializing in commercial collections, founded by Shawn Smith in 2015. The company has sustained partnerships with 12 different nonprofit organizations through volunteerism and charitable giving.
Shawn Smith created a model of philanthropy that leverages the resources of Dedicated Commercial Recovery to improve communities around the world, donating both money and time in order to help nonprofits achieve their missions. Smith and his wife, Stephanie, have focused their personal philanthropy on children’s health and well-being, education, hunger, and other social issues.
FOR IMMEDIATE RELEASE
Media Contact:
Matt Elhadad
651-371-1265
matt@dedicatedcri.com
Halcyon Capital Announces Launch
January 4, 2021A trusted Midwest Business Cash Advance, LOCs and Commercial Loan Broker with a portfolio Targeting $100K to $20MM Opportunities
Kansas City Metro Area / November 21st, 2020 – The Halcyon Group LLC (“Halcyon Capital”) announced today the launch of its Broker and ISO lending platform. Halcyon’s mission is to provide a white-gloved service and consultation to match underserved small-to-medium sized businesses (SMBs). Halcyon is here to help them unlock capital to grow and create jobs. Its financing solutions work for businesses nationwide, and in most industries.
About Halcyon Capital LLC
Provide fast and easy MCA, Term, LOC and Commercial Loan financing to small-to-medium sized businesses in the United States seeking $100,000 to $20 million to grow and scale their companies.
Halcyon is here to help SMBs navigate the challenges that all business owners face. They have over 30 years of experience at their side. Through a holistic approach they will review all possible funding solutions that match your business needs.
By utilizing Halcyon’s extensive lending partner platform, SMBs can dramatically increase their profitability, and ability to scale their businesses with credit facilities that can grow and become more flexible. Side by side as a compliment to their business.
PPP funding options are available as well to help ease the path associated with the nearly $300 billion in additional funding set to arrive in days. We have partnered with Lendver and Loan Source to give a streamlined tech platform. With this process it will allow business owners to take the burden off of them and remained focused on growing their business and keeping employees stable.
SMBs that need $100,000 to $20 million of asset backed or Commercial RE are often overlooked by traditional and alternative financing because the large, fixed costs of underwriting make economies of larger deal sizes important—creating a wall for smaller opportunities. Halcyon’s lender platform streamlines the application and approval process for these clients. Business owners will be able to utilize Halcyon’s lending platform to obtain financing in a fast, efficient and transparent way.
Alex Wigginton, who has significant experience in Merchant Cash Advances, Term Loans and Lines of Credit lending, will serve as Managing Partner and CEO of Halcyon. Alex Trigg, who has vast amount of experience in Commercial Real Estate, Equipment, SBA Loans and AR/Factoring, will serve as managing partner and COO of Halcyon.
For more information about Halcyon Capital go to www.halcyonlending.com or contact Alex Wigginton or Alex Trigg at underwriting@halcyonlending.com to learn more about its financing solutions.
Related Links
www.halcyonlending.com
www.linkedin.com/in/alex-wigginton-015b5036/
www.linkedin.com/in/alex-trigg/
Oikocredit Expands Its Commitment to Mexican SMEs With Investment in Aspiria
December 4, 2020
Aspiria (www.aspiria.mx), a digital lender targeting underbanked small and medium enterprises (SMEs) in Mexico, has completed an important Series A funding round with participation from social impact investor and worldwide cooperative, Oikocredit.
The Series A closing also saw follow-on investments from Aspiria’s current shareholders. The proceeds from the capital round will strengthen Aspiria’s financial capability to support Mexican SMEs.
With its investment in Aspiria, Oikocredit continues its commitment to support SMEs in Latin America, as Oikocredit sees SMEs as playing an important role in areas such as job creation.
Aspiria began operations in 2015 and has lent thousands of loans throughout Mexico. The institution has leveraged digital technologies, data analytics and high-quality service to support the financial needs of Mexican SMEs.
Guillermo Hernandez, CEO and cofounder of Aspiria, commented: “At Aspiria we are very excited to have Oikocredit onboard. SMEs have faced big challenges due to the pandemic and are in need of great financial services. Oikocredit’s investment is an acknowledgement of the tremendous potential of the Mexican SME sector. We look forward to continuing to serve a multitude of SMEs and helping create thousands of jobs in the country”.
Rodrigo Villalta, Equity Officer at Oikocredit, said: “At Oikocredit, we are proud to become shareholders of an institution whose mission is to provide financial support to SMEs that have been typically excluded from the formal financial system”.
“Mexican SMEs are key contributors to employment generation and economic development. We are happy that we can contribute towards building stronger social impact in the country by supporting access to the formal financial system for Mexican SMEs.”
About Aspiria
Aspiria works to increase access to capital to small businesses. Through our platform and the use of statistical credit origination models, we make it fast and simple for the small business owners who have been shunned by the traditional banking system, to obtain financing to continue growing their business.
For more information see: www.aspiria.mx
About Oikocredit
Social impact investor and worldwide cooperative Oikocredit has 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably. Oikocredit finances close to 689 partners, with total outstanding capital of € 856 million (September 2020).
For more information see: http://www.oikocredit.coop
Note for editors
For more information or to request an interview, please contact Leyda Mar Blanco, Marketing Manager, Aspiria, press@aspiria.mx
Libertad 1966, Col Americana, Americana, 44160 Guadalajara, Jal., Mexico
Enova Appoints James J. Lee to Chief Accounting Officer
November 30, 2020Enova International announced the appointment of James J Lee to the position of Chief Accounting Officer. The new role went into effect on November 23rd.
Lee was previously the Controller of Life & Health of Kemper Corporation.
Black Olive Capital Announces Launch
November 30, 2020An Inventory and Purchase Order Lending Platform Targeting $500K to $10MM Opportunities
Bethesda, Maryland / November 30, 2020 – Black Olive Capital LLC (“Black Olive”) announced today the launch of its intelligent inventory and purchase order lending platform. Black Olive’s mission is to provide fast and easy inventory and purchase order financing to underserved small-to-medium sized businesses (SMBs) to help them unlock capital to grow and create jobs. Its financing solutions work for businesses nationwide, and in most industries.
By utilizing Black Olive’s intelligent inventory lending platform, SMBs can dramatically increase their liquidity, and ability to scale their businesses with credit facilities that can grow and become more flexible.
Black Olive will address the SMB niche that has been underserved for years. SMBs that need $500,000 to $10 million of liquidity based on inventory or purchase orders are often overlooked by traditional and alternative financing because the large, fixed costs of traditional underwriting make economies of larger deal sizes important—creating a barrier for smaller opportunities. Black Olive’s platform uses more efficient proprietary processes and technology to lower fixed costs and barriers and target $500,000 to $10 million opportunities.
Black Olive’s platform streamlines the application and approval process for SMB owners. SMBs will be able to utilize Black Olive’s lending platform to obtain financing in a fast, efficient and transparent way.
Carlos D. Gomez, who has significant experience in inventory, purchase order and asset-backed lending, will serve as co-founder and president of Black Olive. Mr. Gomez said, “Black Olive’s proprietary platform unlocks capital tied up in inventory and maximizes loan sizes. Through Black Olive’s purchase order financing program, we can help SMBs acquire the inventory needed to fulfill customer orders. Our proprietary processes and technology are available to most industries, ranging from e-commerce to retail to industrial.”
Black Olive’s platform was also specifically built to partner with accounts receivable (AR) factoring lenders, e-commerce lenders, asset backed lending (ABL) lenders, and traditional.
About Black Olive Capital LLC
Provide fast and easy inventory and purchase order financing to small-to-medium sized businesses in the United States seeking $500,000 to $10 million to grow and create jobs.
For more information about Black Olive go to www.blackolivecapital.com or contact Black Olive at info@blackolivecapital.com to learn more about its financing solutions.
Related Links
www.blackolivecapital.com
https://www.linkedin.com/in/carlos-d-gomez-627b90158/
