Boston-based Fintech Company Expands Main Street’s Access to Capital During Pandemic, Achieves Major Growth Milestone
Forward Financing, a financial technology company that provides flexible revenue-based financing to small businesses, announced that they have provided $1 billion in funding since their inception in 2012. The majority of this funding has gone to underserved small businesses nationwide, those that are unable to obtain financing through traditional sources like banks or the Small Business Administration.
“Nine years ago, we started this company upon the realization that so many small businesses lacked access to working capital,” said Forward Financing co-founder and CEO Justin Bakes. “As we look ahead to our next $1 billion milestone, we will continue to focus on providing best-in-class customer service and on helping our small business customers reach their full potential, no matter what challenges may arise.”
The COVID-19 pandemic has severely impacted the U.S. economy and many small businesses have needed additional financial resources to get by. Despite over $600 billion in loans provided through the Payroll Protection Program, this alone has been insufficient in fulfilling the need for capital. As a result, many small business owners have turned to funders like Forward Financing for support.
Forward Financing is uniquely suited to help small businesses during this economic downturn because it offers financing that is based on revenue and is not a loan. Therefore, small business customers who may be experiencing a revenue slowdown can reduce their payments proportionately.
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“It has been a great pleasure working with Forward Financing,” said Erik Sterling, owner of The SterlingWinters Company. “They have an incredible caring team. The team works with you beyond assisting in securing funding. They truly care about you, your business and how they can continue to be of service. I highly recommend Forward Financing for your financial needs. They will always work with you for a win-win situation.”
Over the past six months, Forward Financing has grown daily funding volume at an average rate of 17% per month as they continue to help small businesses navigate the pandemic economy. In order to help meet rapidly growing demand, they are currently expanding headcount in Boston by 20%.
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