“The increased commitment to our credit facility highlights the strength of our business during what have been volatile times for many of our industry peers."
New York, NY (PRWEB) July 10, 2017
Fora Financial, a leading provider of working capital to small businesses, announced today that the Company and its senior secured lenders have reached an agreement to increase the aggregate commitments under its revolving credit facility to $66.5 million, up from $52.5 million previously. The facility, which matures in May of 2019, allows for up to $75 million in total borrowing capacity.
“The increased commitment to our credit facility highlights the strength of our business during what have been volatile times for many of our industry peers,” commented Andrew Gutman, Chief Financial Officer of Fora Financial. “We appreciate the ongoing support of AloStar and our lender group, as they continue to provide us with the financial flexibility to create value for our customers, partners, employees and investors.”
Founded in 2008, Fora Financial has provided more than $500 million of working capital to over 10,000 small business owners nationwide. Fora Financial’s customers span a wide range of industries, including restaurants, construction companies, service businesses and retail stores.
“AloStar is fully committed to helping Fora Financial reach its full potential,” said Andy McGhee, president and CEO of AloStar. “We crafted a solution that would give them a solid foundation to build from so we were more than happy to increase our existing facility, giving Fora Financial the necessary capital to achieve future growth and development. We are proud to partner with Fora who is a leader in their industry.”
About Fora Financial
Fora Financial offers flexible financing solutions to small businesses in need of additional working capital to sustain or grow their enterprise. The company places a high value on transparency and provides businesses with fast, personalized small business loans and merchant cash advances, utilizing its state-of-the-art technology and unwavering customer service. Founded in June 2008, Fora Financial has over 110 employees in its New York City and Georgia office locations.
About AloStar Capital Finance
AloStar Capital Finance offers needed capital and counsel to business leaders across America who are creating their own success stories. Through our Business Credit, Lender Finance and Real Estate Finance platforms, we create customized lending solutions for customers with capital requirements of up to $60 million. To date, AloStar has closed more than 160 deals with commitments totaling more than $2 billion. At AloStar, you’ll have ready access to decision makers with deep capital industry experience who are responsive, flexible and eager to help you write your success story.
AloStar Capital Finance is a trade name of AloStar Bank of Commerce, Member FDIC. For more information, visit http://www.AloStarBank.com.