National Funding ups lending facility to $150 million
As they approach the end of a record-breaking year, small business lender National Funding is celebrating a new lending facility with CapitalSource.
CapitalSource has agreed to raise its commitment to $75 million from the previous $50 million. That brings all lending commitments to National Funding to $150 million.
In a release National Funding highlighted several growth areas in 2015. Revenue is expected to grow from 2014’s $39 million to $66 million in 2015. Third quarter total sales or $79.7 million represent a 44 percent increase from 3Q14, while this quarter revenues of $17.7 million were 69 percent higher than 3Q14’s.
Repeat customers increased by 75 percent and there are plans to increase staffing levels.
“We started National Funding in 1999 with the mission to help small business owners grow their operations through quick, efficient access to working capital,” National Funding’s David Gilbert said. “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.”