National Funding, Inc., one of the largest U.S. specialty finance companies serving small- and medium-sized businesses, announced the recent renewal and upsize of a $100.0 million senior secured warehouse line of credit. The upsize includes an accordion to expand to $125.0 million, which was provided by a prominent U.S.-based commercial bank. The facility will continue to be used by the Company to fund new originations and support additional platform growth.
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“Due to better than expected loan origination growth, the timing of this expansion was ahead of our original plan. In addition, the continued support of our banking partners allows National Funding to live its mission of transforming the way small businesses access the capital they need to grow.”
This upsize comes on the heels of a $55 million corporate note that closed in October 2021. With this additional financing, National Funding is well-positioned to continue to support small businesses as the economy continues to recover.
To date, National Funding has provided more than $4.5 billion in working capital and equipment leasing for more than 80,000 small- to medium-sized businesses nationwide.
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“As the economy continues to rebound from the pandemic, the upsize of our bank credit facility ideally positions National Funding to provide more flexible capital solutions to our small- to medium-sized business client base,” said Dave Gilbert, CEO of the Company.
President of National Funding, Joe Gaudio, added, “Due to better than expected loan origination growth, the timing of this expansion was ahead of our original plan. In addition, the continued support of our banking partners allows National Funding to live its mission of transforming the way small businesses access the capital they need to grow.”
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