Joining forces with US Business Funding is an important strategic step for Fora Financial.
NEW YORK (PRWEB) June 05, 2018
Fora Financial, a leading provider of working capital solutions to small- and medium-sized businesses, announced today that it has acquired a significant stake in US Business Funding (USBF). The combination will create one of the largest, broadest reaching direct sales organizations in the small business alternative lending space, while deepening the partnership between the two companies.
USBF links small businesses across a variety of industries with financing products based on their specific needs, including vendor programs, capital equipment loans, and leasing solutions. Since 2014, the company has grown originations at over 100% annually and now employs 40 sales people in its Irvine, CA office.
Peter Ribeiro, Founder and CEO of USBF, will continue to lead USBF in executing its growth plan. Terms of the acquisition were not disclosed.
“Joining forces with US Business Funding is an important strategic step for Fora Financial,” commented Jared Feldman and Dan Smith, Fora Financial’s co-founders. “As a result of the acquisition, Fora Financial will have nearly $400 million of annual originations, and we will add complementary and dynamic sales and marketing capabilities and be able to access other financing products. We look forward to working with Peter and his team on ways to expand what is already one of our most successful relationships.”
“This is an exciting time for all of us at US Business Funding,” added Peter Ribeiro. “We have rapidly built one of the top sales organizations in the industry, and now we have the opportunity to leverage the expertise and resources of Fora Financial to fuel our growth even further. Jared and Dan have established Fora Financial as one of the top lenders in the space, and we are motivated to build on our terrific relationship with them to create even more opportunities for our companies to succeed.”
The transaction adds to a growing list of milestones for Fora Financial. In July 2017, the company expanded its senior credit facility to support its continued growth. Later this month, Fora Financial will celebrate its 10th anniversary and soon thereafter expects to surpass $1 billion of capital provided to small businesses across the United States.
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 100 employees in its New York City office locations.
About US Business Funding
US Business Funding is a leading provider of equipment financing and small business loan solutions that prides themselves on serving both growing and established companies. They provide financing solutions ranging from $10,000 to 10,000,000, and strive to give each customer personalized, attentive service. US Business Funding was founded in 2008, and is currently based in Santa Ana, California.