BFS Capital, a leading small business financing platform, today announced it has now issued more than $2 billion in financing to more than 22,000 small businesses, across the United States, Canada and, through its United Kingdom subsidiary, Boost Capital.
BFS Capital provides financing from $5,000 to $500,000 to merchants across more than 400 industries, and demand for the company’s products continues to grow, the company said. In 2018, fourth-quarter originations were the highest quarterly originations ever in the company’s 17-year history. Third-quarter originations also represented the best third quarter ever for the company.
“This is a major originations milestone,” CEO Mark Ruddock said. “In 2018 we enhanced our sales and marketing programs and made significant advances in our underwriting models so that we could better serve small businesses. We’re incredibly proud to see these investments take root, as BFS Capital continues to solidify its position as a central source for financing small businesses and their everyday capital needs.
“We’re enthusiastic about expanding the breadth of our financial solutions in 2019, as we strive to offer innovative tools designed to help small businesses across North America and the UK achieve their potential.”
The $2 billion origination marker follows the hiring of Mr. Ruddock as CEO in November and an expanded management team that includes chief risk officer Eric Weiner, responsible for advancing new credit models to drive financing growth; CMO Sheri Chin, who is leading the B2B and B2C marketing strategy and go-to-market programs; and chief legal officer and chief compliance officer Corey Manley, who leads the legal and compliance functions.
Earlier this month, U.K. affiliate Boost Capital refinanced its credit facility with New York-based investment firm Atalaya Capital Management, increasing its funding capacity by 50 percent—to $60 million from $40 million—in support of continued growth for the company’s cash advance and loan product offerings.