SAN DIEGO, Oct. 13, 2015 /PRNewswire/ -- National Funding, one of the country's largest private lenders of small business loans, today announced that it has secured additional funding from its longtime bank partner, Wells Fargo. Wells Fargo Capital Finance will increase its line of credit up to $75 million, which will 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," said 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."
Andrea Petro, Executive VP at Wells Fargo Capital Finance, added, "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."
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.
About National Funding
Founded in 1999, National Funding is one of the country's leading financial service providers 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: automotive, construction, excavation, manufacturing, retail, packaging, printing, restaurant, telecommunications, trucking, and waste management, among others. The company was recognized as a 2013 and 2014 Inc. 500 | 5000 company, as well as one of San Diego's 2013 and 2014 Fastest Growing Companies. For more information, please visit: www.nationalfunding.com.