ForwardLine Financial, a leading direct lender of small business loans, announced today it has secured a new $100 million senior credit facility with Credit Suisse AG, Cayman Islands Branch, and Neuberger Berman private equity funds. Sector Financial Inc., an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility. As part of this announcement, the company also shared that it is pleased to continue its strong eight-year relationship with East West Bank.
The new $100 million of funding capacity will be used to support ForwardLine’s industry-leading growth. Building on its record-breaking performance in 2018, the company increased year-over-year total originations by over 300% in the first quarter of 2019. The company is continuing to invest in data, technology, and talent to deliver an outstanding customer experience and further execute on its aggressive growth plan. The organization is focused on growth initiatives that will help it achieve its overall mission of “improving the financial health of America’s small businesses.”
ForwardLine’s CEO, Steve Carlson, shared, “We are passionate about helping America’s small businesses obtain the capital they need to thrive. As part of this effort, we are excited to further diversify our capital structure with a group of top-tier investors and look forward to working with Sector Financial, Credit Suisse, Neuberger Berman, and East West Bank during this next chapter of ForwardLine’s growth.”
The facility will be used to provide affordable working capital to America’s small businesses. Since 2003, ForwardLine has provided more than a half-billion dollars in funding to over 15,000 companies. ForwardLine uses a proprietary algorithm that leverages real-time customer data to optimize credit decisions. The result is a data-driven, customer-centric funding model that gives businesses an opportunity to access much-needed growth capital.
“We are thrilled to bring on capital partners that will be able to join us in supporting the aggressive growth plan of ForwardLine” shared Martin Nesbitt, ForwardLine’s Chairman and Co-Chief Executive Officer at the Vistria Group. “We are excited to continue partnering with ForwardLine’s management team as they continue to build on their success and deliver value for both shareholders and their customers.”