SAN DIEGO, Dec. 9, 2015 /PRNewswire/ -- National Funding, one of the largest private lenders of small business loans, today announced that it is forecasting a record-breaking year in revenue, funding, employee count and office growth. The company also announced that it signed a $75M lending facility with CapitalSource, a division of Pacific Western Bank.
"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 chief executive officer. 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.
Other key growth statistics from 2015 include:
- 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 Diego headquarters, doubling its space to a total of 44,000 square feet.
For more information, please visit www.nationalfunding.com.
About National Funding
Founded in 1999, National Funding is one of the country's leading financial technology companies for small and medium-sized businesses, providing working capital loans, equipment financing, merchant cash advances and credit card processing. National Funding has provided more than $1 billion in capital for over 20,000 businesses nationwide. The company believes in American small business owners, and strives to provide fast turnaround, flexible solutions and great service to all of its customers and clients in a diverse range of industries including: construction, excavation, manufacturing, retail, packaging, printing, restaurant, telecommunications, trucking, transportation, and waste management, among others. The company was recognized on the Inc. 500 | 5000 list for the past three years, as well as placing on San Diego Business Journal's Fastest Growing Companies for the past three years. For more information, please visit: www.nationalfunding.com, or connect with us on Facebook or Twitter.
JCUTLER media group
SOURCE National Funding