National Funding Secures Warehouse Funding from Forbright Bank

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Oct 23, 2024, 09:00 ET

SAN DIEGO, Oct. 23, 2024 /PRNewswire/ -- Dave Gilbert, CEO of National Funding and its recently launched holding company FairSquare, announces a bank line of credit commitment for $83.25 million from Forbright Bank (with a total expansion capacity of up to $150 million).

National Funding has been at the forefront of small to medium-sized business (SMB) financial services since it was founded 25 years ago. The Forbright Bank credit facility includes $9 million in mezzanine capital from Hudson Cove Capital Management, LLC and sets up the fintech to meet its growth targets for 2025 and beyond. It will increase National Funding's leverage from 85% to 90%, while building liquidity, origination capacity and balance sheet growth.

To date, National Funding has provided over $6 billion in SMB financing. "For owners of the more than 33 million U.S. SMBs, access to capital remains a crucial component for success," says Gilbert. "Forbright Bank and Hudson Cove have made it possible for National Funding to fund SMBs so they can meet their critical requirements for payroll, inventory, equipment, expansion opportunities or any other business expense. Our mission is to help SMBs thrive, whether they're established start-ups or mature companies. Forbright has helped us ensure our customers have the financial wellbeing to fuel their futures."

National Funding provides entrepreneurs with fast approval for small business loans and a simple application process. To date, National Funding has provided financing to more than 75,000 businesses nationwide. The announcement of today's financing from Forbright Bank and Hudson Cove will enable National Funding to provide tailored lending solutions to even more small businesses across the country.

"At Forbright Bank, we believe financing for small businesses is vital to fostering innovation and creating opportunities for future generations," said Brian Petronis, Managing Director for Lender Finance at Forbright Bank. "We're excited to partner with an innovative and trusted lender like National Funding, and we look forward to continuing a long-term relationship that creates opportunities for years to come."

About National Funding
National Funding (www.nationalfunding.com) is a subsidiary of FairSquare, a recently launched holding company that includes four established fintech brands: National Funding; QuickBridge; SmallBusinessLoans; and Finova Capital. It is one of the country's largest private lenders, providing custom solutions for SMB financing, equipment leasing and business services. Celebrating 25 years of fintech innovation and leadership, National Funding provides qualified entrepreneurs with fast approvals for business financing via a simple application and quick response process.

About Forbright Bank
Forbright Bank (www.forbrightbank.com), Member FDIC, Equal Housing Lender, is a bank and commercial lender committed to sustainability. Headquartered in Chevy Chase, Maryland, Forbright is committed to accelerating the transition to a sustainable economy by financing the companies, investors and innovators driving that change.

About Hudson Cove Capital Management, LLC
Hudson Cove Capital Management is an SEC-registered minority-owned asset manager based in New Jersey, investing in liquid structured credit and asset-based lending strategies. Since its founding in 2009, Hudson Cove Capital has originated and invested capital in asset-based lending transactions to specialty finance borrowers across a broad range of sectors.

In California, products are made or arranged pursuant to a California Financing Law lending and broker license. License number: 603A169.

SOURCE National Funding