National Funding, a private lenders of small business loans, announced that it signed a $75M lending facility with CapitalSource, a division of Pacific Western Bank. The platform also forecasted a record-breaking 2015 in revenue, funding, employee count and office growth. The company also
“This past year has been a robust one for National Funding; in fact it looks to be our most successful to date,” said David Gilbert, Founder and CEO. We started National Funding in 1999 with the mission to help small business owners grow their operations through quick, efficient access to working capital. Over the years we have improved our model through a wider product line, expanded staff and more efficient operations. The result has been our ability to provide capital rapidly so that small business owners can grow their businesses.”
The latest round of financing from CapitalSource raises their commitment from the current line of $50M to $75M. Lending commitments to the company now total up to $150M, an indication that major banks are showing strong interest in National Funding’s business model.
- National Funding’s revenue is projected to grow 67%, reaching $66M from $39M in 2014.
- The number of repeat small business customers increased 75% compared to the same period last year.
- For Q3 the company generated $79.7 million in total sales, up 44% over same period in 2014.
- Revenues for Q3 were $17.7 million, up 69% over Q3 in 2014.
- To meet the rapidly increasing market demand, National Funding continues to add employees, and expects to reach 273 in 2016.
- The company recently completed a multi-million dollar renovation and expansion at its San Diegoheadquarters, doubling its space to a total of 44,000 square feet.
In October, Wells Fargo Capital Finance agreed to increase National Funding’s line of credit up to $75 million, aiming to help fund small business, working capital and equipment leasing loans across its platform. Founded in 1999, National Funding, a US fintech company targeting small and medium-sized businesses, providing working capital loans, equipment financing, merchant cash advances and credit card processing, has provided more than $1 billion in capital for over 20,000 businesses nationwide.