SAN DIEGO, Oct 12, 2021 (GLOBE NEWSWIRE) – National Funding, Inc., one of the largest specialty finance companies in the United States serving small and medium-sized businesses, announced the recent renewal and expansion a $ 60.0 million senior secure warehouse line of credit. The facility, which includes an accordion of up to $ 75.0 million, was provided by a leading US-based commercial bank. The facility will continue to be used by the Company to fund new originations and support further growth of the platform.
In conjunction with the transaction, National Funding also secured $ 55.0 million in premium corporate note financing provided by a consortium of institutional investors. The transaction received a BBB + rating from a nationally recognized statistical rating agency. After closing this additional funding, National Funding is well positioned to support its partners and the funding enhances the Company’s ability to take advantage of significant market opportunities.
To date, National Funding has provided more than $ 4.3 billion in working capital and equipment rentals to more than 75,000 small and medium-sized businesses nationwide.
“As the economy recovers from the pandemic, this difficult environment creates opportunities for domestic funding to accelerate our growth plans and at the same time provide flexible capital solutions to our customers looking to grow their businesses,” said Dave Gilbert, CEO of the Company. “Our ability to enter into these transactions with multiple institutional partners has dramatically expanded our financial capacity and flexibility and is a validation of the strength of the robust platform that National Funding has built.”
Joe Gaudio, President of National Funding, said, âThese new facilities represent the continuing evolution of the company’s funding sources, providing National Funding with a unique opportunity to reduce our funding costs and access sources of capital. more diverse. endorsing the stability and success of our business and our mission to transform the way small businesses access the capital they need to grow. “
Brean Capital, LLC acted as the exclusive financial advisor and placement agent of the Company in connection with the Note Transaction.
About national funding
Founded in 1999, National Funding is one of the leading specialty finance companies in the United States serving small and medium-sized businesses. The company’s foundation serves American small business owners by providing them with financing solutions to meet their reinvestment needs in their day-to-day operations and to help them grow. National Funding’s digital fundraising process has enhanced its digital capabilities by providing a quick and easy online application. For more information on national funding, visit https://www.nationalfunding.com.
Susan almon pesch
Publicist for national funding
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