New York, NY (PRWEB) August 10, 2012
Strategic Funding Source, Inc., announced that it has led an investor group in the purchase of the assets of BC Funding, LLC, doing business as - BankCard Funding (BCF), through an Article 363 auction process of the Eastern District of the US Bankruptcy Court in Long Island, NY. Both Strategic and BCF are leading providers of merchant cash advance and alternative finance products to small and mid-sized businesses throughout the United States. The purchase included the entire performing portfolio of merchant cash advance contracts along with all other tangible and intangible assets of the company.
"This purchase is an extremely positive development for the newly restructured BankCard Funding, its merchants, sales partners and creditors." said Andrew Reiser, CEO of Strategic Funding. "We have a long and profitable relationship with BankCard Funding and look forward to working with Barry Sharf as he positions the company for future growth." The newly reorganized company will continue to operate independently under the BankCard Funding name with Mr. Sharf directing new business development. Funding and servicing of all merchant advances and investor syndication accounts will be done on the Colonial Funding Network, a wholly owned subsidiary of Strategic Funding.
Mr. Sharf commented that "this is an outstanding opportunity for BankCard Funding to expand its unique business model. There are distinct differences in the market positioning of each company and this alliance permits for broader market penetration, financial stability and improved operational efficiencies. Partnering with Strategic and its Colonial technology platform will allow both companies to compete more effectively in a highly charged market. I am very excited about this new relationship." BCF will continue to operate from their Syosset, New York offices.
About Strategic Funding Source, Inc. –
Strategic Funding Source, Inc. ( http://www.sfscapital.com) is a leading provider of specialty finance solutions in the form of merchant cash advances through credit card receivables purchasing, revenue based financing (RBF-ACH) of bank deposits and commercial loans to thousands of small businesses nationwide. Strategic is recognized as the technology leader in servicing the factoring and loan transactions of over 100 funding companies and investor partners. Established in 2006, Strategic has financed thousands merchants by purchasing more than $325 million of receivables from small and mid-sized businesses. The company maintains its headquarters in New York City and regional offices in Williamsburg, Virginia and Seattle, Washington.