Fora Financial, provider of flexible, working capital solutions to small businesses, has grown very quickly year after year since it first opened its doors in 2008. And 2014 was no different. In terms of the total amount funded, the Company grew by more than 44 percent. Fora Financial also increased the number of businesses funded and the amount of total transactions by approximately 35 percent. By the end of 2014, its staff grew to 87 people.
Fora Financial will continue to work hard in 2015 to provide flexible small business loans and merchant funding to small businesses in need of financing to sustain or grow their enterprise.
Why so much growth? In addition to its proven track record of helping small business owners realize their dreams, management at Fora Financial believes a contributor to the high rate of growth in 2014 was the introduction of major technology initiatives that provide customers with both what they want and need. The Company introduced new third-party technology solutions to its proprietary software that utilize proven and trusted bank notification and customer user ID verification systems. These systems help create a faster processing time while also providing customers with an even greater sense of security and protection from fraud.
As with any year, the Company had its challenges and triumphs. In the case of 2014, its greatest challenge was how it could continue growing and helping more small businesses as it was getting closer to exceeding its sources of business funding. As a solution, Fora Financial worked hard to identify and secure additional funding. In 2014, the Company established a relationship with a state charted bank, allowing it to offer small business loans in 49 states in 49 states. In November, it extended its senior credit facility and secured working capital financing needed to achieve its continued growth plans through mid 2016. The company also welcomed a community-based, full-service bank with assets of more than $6.5 billion as a business-funding partner.
Last but not least, the people at Fora Financial are extremely proud of being honored as 2014 Financial Services Company of the Year and Gold Stevie Award® Winner in the 2014 American Business Awards. The Company was also recognized by Inc. Magazine in its annual Inc. 500/5000 list, ranking as the 659th fastest-growing company and ranked 40th for the fastest growing financial services company in the United States. These honors are acknowledgements of the great amount of time and effort the team invests every day in making the Company the most innovative and transparent firm in the industry to help fund small business owners nationwide.
Fora Financial will continue to work hard in 2015 to provide flexible small business loans and merchant funding to small businesses in need of financing to sustain or grow their enterprise. The Company will also continue to place a high value on trust, transparency, and provide businesses with quick, customized financial solutions utilizing its state-of-the-art technology platforms.