San Mateo (PRWEB) September 20, 2007
Freedom Financial Network, LLC (FFN), has surpassed the 250-employee mark, marking a near doubling in staff count in just the past year.
The company, which provides consumer finance education and resolution services, operates offices in Sacramento and Tempe, Ariz., in addition to its San Mateo headquarters. The staff count in San Mateo now numbers more than 100, nearly 100 in Sacramento, and more than 50 in Tempe. The Sacramento and Tempe offices have experienced greatest growth, with Sacramento employing just 20 in mid-2005. The Tempe office opened with four employees in the spring of 2006.
To accommodate the growth, the company leased new office space in Sacramento last year, nearly tripling its physical size there. FFN now occupies 17,000 square feet in the Natomas area, at 3841 North Freeway Blvd. In Tempe, the company occupies 18,000 square feet at 4545 S. Wendler Drive.
FFN expects to double its staff count once again over the next 12 months, says Brad Stroh, co-CEO. He predicts a total of 510 employees across the company by the end of 2008, and 750 by 2009. Approximately 40 percent of the growth in staffing will take place in Sacramento, another 40 percent in Tempe, and 20 percent in San Mateo.
Since 2002, FFN has served more than 20,000 customers nationwide while managing more than $500 million in consumer debt. The company has realized a compound annualized growth rate in sales over the past three years of 294 percent, and expects revenues to grow another 150 percent in 2007, reaching more than $40 million.
Stroh attributes the growth to the staggering amount of debt in the United States and FFN's unique culture of helping consumers save money. Total U.S. consumer debt - excluding mortgage debt - now tops $2 trillion and continues to climb. Americans carry 1.2 billion credit cards, and more than 44 million households carry card balances that average $8,025 month to month.
In addition, the subprime mortgage crisis and passing of the bankruptcy reform bill have helped fuel the company's growth, Stroh says. "Debt has become a growing problem, and many Americans need to find a solution," he explains. "With uncertainty about the future of housing prices, the high cost of oil, and record hikes in health care and higher education costs, many people are on the precipice of financial disaster. For those in debt, now is the time to tackle it, and FFN is in a position to help those individuals become debt-free."
Based in San Mateo, FFN provides comprehensive consumer finance resolution services through five divisions: Freedom Debt Relief, Freedom Tax Relief, Freedom Student Loans, Freedom Mortgage, and its popular Bills.com portal. Bills.com is a free one-stop site where consumers can educate themselves about complex personal finance issues and comparison shop for products and services including credit cards, debt relief assistance, insurance, mortgages and other loans. The company, whose co-founders and CEOs, Andrew Housser and Brad Stroh, have been named Northern California finalists in Ernst & Young's Entrepreneur of the Year Awards, blogs about consumer finance issues at http://www.bills.com/blog.