Founded in 1999, National Funding, a private lender of small business loans, has secured additional funding from its longtime bank partner, Wells Fargo. Wells Fargo Capital Finance agreed to increase its line of credit up to $75 million, aiming to help fund small business, working capital and equipment leasing loans across its platform.
“The increased funding commitment from Wells Fargo is a clear indicator of the continued confidence in our business and the surging alternative lending industry overall,” remarked David Gilbert, founder and Chief Executive Officer, National Funding. “The line of credit allows us to continue funding thousands of small businesses that need a loan from a trustworthy, personable expert in as little as 24 hours for critical business expenses such as renovations, repairs and working capital.”
This funding announcement comes on the heels of National Funding’s recently announced company growth milestones: over $1B deployed to small businesses nationwide; a 172% revenue increase over the past three years and the addition of 50 new employees in the first eight months of 2015.
“We are dedicated to working with our clients that serve the small business community and believe in National Funding’s mission to empower these businesses through access to working capital. By working together, we are all helping drive the economic growth engine of our economy,” added Andrea Petro, Executive VP at Wells Fargo Capital Finance.
To date, National Funding has provided more than $1 billion in capital for over 20,000 businesses nationwide.