• Jan. 23, 2017, 6:54 pm

National Funding celebrates growth

Private small business lender National Funding is celebrating a pair of milestones this week

Shortly after being named one of the top 10 small business alternative lenders by volume by deBanked.com, National Funding announced it has reached the $1.5 billion capital deployment level. The $151.8 million in small business lending in 2016’s first half represents 45 percent year-over-year growth.

In a release the company credits a refined and conservative lending approach resulting in many repeat customers. It also noted they are one of the few profitable alternative lenders that does not rely on outside investors.

“This company has been in business for nearly 20 years,” founder and CEO Dave Gilbert said. ” We’ve been able to continue this rapid growth for a variety of reasons – first, we see continued loan demand and a strong underlying economy. Secondly, our data shows that customers choose us because our loan counselors excel at helping small business owners understand the lending process and the loans they undertake.

“Thirdly, simplicity and speed are vital, and we can fund loans within 24 hours if that’s needed through a convenient and easy online user experience.”

National Funding’s company data also provided key insights about the state of the small business sector:

  • The top five small business industries that National Funding served were: special trades; general contractors; medical; business services and trucking
  • The average National Funding customer generates less than $1 million in sales
  • Average business customer has between 25 and 50 employees
  • Working capital loans make up approximately 80% of the company’s sales, but many businesses also seek leasing in order to obtain equipment
  • Key capital expenditures for customers include: expansion, marketing, inventory, equipment financing and taxes

 

 

 

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