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Forward Financing, a U.S.-based fintech that provides flexible revenue-based financing to small businesses, announced on Wednesday it has provided $1 billion in funding since its inception in 2012. According to Forward Financing, 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.
Since 2012, Forward Financing has expanded Main Street’s access to capital by providing over $1 billion in funding to nearly 30,000 small businesses.
“Our dedicated account representatives and advanced proprietary technology help our customers spend less time finding capital and more time growing their business. With a simple, secure online application, business owners can trust that Forward Financing works to get them approvals within minutes, funding within hours, and personalized support when they need it most.”
Speaking about the milestone, Forward Financing co-founder and CEO, Justin Bakes, stated:
“Nine years ago, we started this company upon the realization that so many small businesses lacked access to working capital. 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.”
Forward Financing went on to add that over the past six months, it has grown daily funding volume at an average rate of 17% per month as they continue to help small businesses navigate the pandemic economy. The company added:
“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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