Announcements
Good Funding Announces Closing of up to $30 Million Credit Facility
May 19, 2021
Transaction 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
North Mill Restructures Working Capital Solution and Expands Customer Benefits
April 12, 2021NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor providing small-ticket financing through its network of referral agents, announced today that it has restructured its working capital solution to make it more competitive with other, less cost-effective options on the market.
The financing arrangement, called “Cash Out,” allows a customer to borrow the equity of paid-up business equipment and channel the proceeds back into the company. Although similar in concept to a sale leaseback, Cash Out is structured as a loan. It delivers a well-deserved reprieve for borrowers looking for a less expensive alternative to finance day-to-day operating expenses.
“There are many ways a company can obtain working capital,” explained Paul Cheslock, VP of Customer Relations, North Mill. “Some of the more common include a merchant cash advance (MCA), a revolving line of credit and accounts receivable factoring. And while they all fill the same need, they are not created equal. Cash Out in particular offers a long list of customer benefits including better rates, monthly vs. weekly payments, and terms up to 60 months. It’s a powerful tool for our referral agent partners looking to grow their customer base.”
According to Cheslock, the product’s loan-to-value ratio was restructured to enable customers to borrow a larger percentage of equity from an unencumbered asset. One of the most significant advantages of Cash Out is that it includes an early pay-off feature. Customers can pay off the loan without premium or penalty after 18 consecutive, on-time payments — a benefit that other products simply do not offer.
“The product is simple and straightforward. There are no fees tied to accounts receivable, invoices, or credit card sales,” said Cheslock. “What’s more, the equipment that’s used for the loan stays put on site, so business operations remain uninterrupted. And if that were not enough, the borrower retains title.”
For more on Cash Out and other financial solutions from North Mill, register for the company’s upcoming webinar “Meet North Mill and Its Financial Solutions” on Tuesday, April 27, 2021 at 3:00 pm EST.
About North Mill Equipment Finance
Headquartered in Norwalk, Connecticut, North Mill Equipment Finance originates and services small-ticket equipment leases and loans, ranging from $15,000 to $300,000 in value. A broker-centric private lender, the company handles A – C credit qualities and finances transactions for numerous asset categories including, but not limited to, construction, transportation, vocational, healthcare, manufacturing, printing, franchise opportunities and material handling equipment. North Mill is majority owned by an affiliate of Wafra Capital Partners, Inc. (WCP). For more information, visit NMEF.com.
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CONTACT: Don Cosenza, SVP, Chief Marketing Officer
PHONE: (203) 354-1710
EMAIL: dcosenza@nmef.com
North Mill Continues Record-Setting Trajectory as March Volume Hits All-Time High
April 2, 2021
NORWALK, CT – North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor providing small-ticket financing through its network of referral agents, announced today that the company reached an all-time high in monthly loan and lease originations in March. Funded volume surged to more than $24 million, a growth rate of 53% from last March and an increase of 22% from the company’s previous high-water mark last December.
“We’re firing on all cylinders,” said David C. Lee, Chairman and CEO, North Mill. “We reported a record breaking year in 2020 and I anticipate that we’ll continue to see an upward trajectory as the economy opens up. First quarter volume topped $54 million, an increase of more than 18% from Q1 of last year while our weighted average FICO climbed an additional 9 points to 717.” Average deal size also hit a record for March, according to Lee, as it reached nearly $90k per transaction.
A strategic initiative that has had a resounding impact on North Mill’s success is its continued commitment to financing assets across an array of industries. Transportation, which made up nearly 100% of the firm’s asset portfolio a few years ago, now accounts for about 40% of funded volume. The company has expanded into many types of equipment including, but not limited to, construction, health care, franchise opportunities and livery.
As referral agents continue to turn to North Mill to obtain financing for their customers, the capital markets have also demonstrated confidence in the company. Last month, North Mill closed NMEF Funding 2021-A, its fourth commercial equipment backed securitization (ABS), its largest ever. The $236,588,000 ABS issuance was well received by institutional investors as evidenced by strong oversubscription levels across all tranches of notes. Capital was raised from a total of 23 investors, more than double the number from the company’s previous issuance (NMEF 2019-A).
About North Mill Equipment Finance
Headquartered in Norwalk, Connecticut, North Mill Equipment Finance originates and services small-ticket equipment leases and loans, ranging from $15,000 to $300,000 in value. A broker-centric private lender, the company handles A – C credit qualities and finances transactions for numerous asset categories including, but not limited to, construction, transportation, vocational, healthcare, manufacturing, printing, franchise opportunities and material handling equipment. North Mill is majority owned by an affiliate of Wafra Capital Partners, Inc. (WCP). For more information, visit www.nmef.com.
Northteq Announces Partnership with Syndifi to Enable Seamless Syndication with Salesforce
March 29, 2021
Minneapolis, Minn. – Northteq, a leading software solutions provider for the commercial lending and equipment finance industries, has announced its partnership with syndication software provider, Syndifi. Northteq will enable Syndifi’s online syndication platform to integrate with Salesforce.com, a cloud computing service as a software (SaaS) company that specializes in customer relationship management. The integration will accelerate and automate the user experience for Syndifi clients.
“Salesforce has become a leading origination platform for the equipment finance industry. Enabling Syndifi clients to create and send deals to our platform from Salesforce automatically will produce a seamless syndication experience.” Dan Michalek, CEO, Syndifi.
The first phase of the multi-layered integration will allow the Sellers using Syndifi’s platform to transfer deal information and data from Salesforce to Syndifi without having to manually rekey information. The integration will share status updates on both platforms.
“Our goal is to simplify lending. As such, we need to create a frictionless process for lenders to syndicate deals. Enabling our clients to send deals via a button click to the Syndifi platform creates this seamless user experience.” Kristian Dolan, CEO, Northteq.
About Northteq
Northteq is about enabling their clients to achieve fully integrated, automated origination solutions. They partner with several FinTech and lending service providers to bring the latest technologies to the equipment finance and commercial lending industries on the Salesforce platform. They also build vendor and customer portals to give their client’s customer’s an amazing customer experience. Northteq is headquartered in Minneapolis. For more information, please email info@northteq.com.
About Syndifi
Syndifi is the only Syndication platform built specifically for the Equipment Finance industry, enabling Buyers and Sellers to transact more securely with their trusted partners in the cloud. They are constantly innovating their customer experience to meet the highest standard of excellence for their clients. Syndifi was founded by Dan Michalek, who also revolutionized and digitized the granting of credit within the Equipment Finance industry with the formation of PayNet (now a division of Equifax). Syndifi is headquartered in Chicago. For more information, please email info@syndifi.com.
FOR MORE INFORMATION CONTACT:
Kristian Dolan | (612) 483-1210
kdolan@northteq.com
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
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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
