{"data":{"allGraphCmsNewsroom":{"nodes":[{"slug":"national-funding-ceo-small-business-loan-market-is-in-hypergrowth","heroType":"VeryShort","heroTitle":"In The News","originalDate":"2015-04-15T03:35:00+00:00","title":"National Funding CEO: Small Business Loan Market Is in ‘Hypergrowth’","body":"About seven years ago, David Gilbert, president and CEO of small-business lender National Funding, was at the helm of a company struggling to stay afloat. The financial crisis sent some of its partner banks heading for the exits. Business had dried up, and the company was forced to cut staff.\n\nToday, Gilbert faces a different situation. As the economy has strengthened, National Funding has joined other alternative small-business lenders in the scramble for innovative ways to meet robust demand for small-business loans.\n\nNational Funding began in 1999 offering equipment lease financing to companies in construction, manufacturing and the automotive industry. As demand for small business loans picked up over the last few years, the company expanded into new areas, including working capital loans, merchant cash advances and credit card processing.\n\nIn an interview with NerdWallet, Gilbert discussed the opportunities National Funding is exploring in a small-business loans market that he says is in a period of “hypergrowth.”\n\n## NerdWallet: How did National Funding get started?\n\nWe started in 1999, and I was inspired to start it because I really just like business, and to be on the finance side of it. We started primarily as an equipment leasing company focused on financing equipment that was pertinent to small businesses. We did that for nine years until 2008. When the markets started to turn, we went from primarily only doing equipment leasing to becoming an alternative lender and focusing on the working capital needs of small businesses in addition to equipment purchasing needs. We got into the alternative lender sector and started to really focus on the different niches within alternative lending. We started offering cash advances, then we migrated to the daily payment loan sector. Now our company is focused on four primary areas from a product perspective. We lease equipment. We purchase future credit card receivables. We do alternative daily payment loans, and we also do credit card processing.\n\nWe’re working now on new niches and new products. We just opened up a middle market division [for] loans of between $250,000 to a million, focused on bigger companies that have working capital needs, tailoring more of a weekly product from a collections standpoint.\n\nAll companies are basically undercapitalized and underserved right now in different ways. So you’re seeing a rush of alternative lenders filling this void.\n\n## What are the most popular loan products of National Funding?\n\nWe offer short-term working capital loans, merchant cash advances and equipment leasing.\n\nWorking capital has been the product most in demand right now, as businesses look to meet various shortfalls in cash flow. Working capital is based on a company’s cash flow as shown on their bank statements, and used for a short term cash need (payroll, taxes, advertising, salaries, etc.). It’s a daily payment loan debited from the company’s checking account, which provides predictability and makes it easier for the owner to forecast and manage payback.\n\nA merchant cash advance is an advance against future credit card receipts, offering cash to the owner to meet short-term needs. We look at the credit card statements to determine how much credit card sales are done at the business, and then advance against a percentage of that. The owner then pays back a small percentage of each credit card sale for a several months until the advance is paid back.\n\nLeasing is somewhat different in that it is longer term — typically 3 to 5 years — and is a loan for the specific purpose of acquiring a piece of equipment. “Equipment” is a broad definition. It could be a truck, computer, medical equipment, stove, or even office furniture, and is a monthly payment.\n\n## What kinds of businesses borrow from National Funding?\nOur clients are typically quite small and relatively new to the marketplace. Often they cannot get money from their bank because the bank’s requirements are too strict or, what we have found lately, the loan is just not big enough for the bank to make money on it. Banks seem to be focused on deals bigger than $1 million, and our average deal is $30,000. Sometimes their credit is not as good as what a bank requires; we can do the transaction because we look at other factors, such as daily cash flow. We don’t ask for financials, and we don’t ask for business plans, as a bank might — most small businesses don’t have that type of paperwork, so they can’t even begin conversations with a bank. We see demand across hundreds of industries, but our core is in construction, specialty trades, trucking and restaurants.\n\n## Could you give an example of how a working capital loan works? Let’s say I’m an owner of a car wash needing $50,000 in financing. How do I go about it? What will the terms be like?\nWe base our decisions on the customer’s cash flow more than on credit. It is a short-term loan, typically about 9 months, sometimes shorter, sometimes longer. If bank statements show that they have steady income of a certain level, then we can base our decisions on that, knowing that they have the wherewithal to make payments. That’s why FICO [credit score] is less important in the process. In fact, using FICO can eliminate a lot of owners who might otherwise qualify. The way owners handle their personal credit can be far different from how they handle business credit. So in the case of the car wash, they would have to show cash flow in an amount that could pay back that type of expense. While most of our customers might say that the rates are slightly higher than what banks charge, they understand that their credit may not be up to a bank’s standards, and that the amount they are paying with us meets their budget.\n\n*[Gilbert offers this example of how a National Funding working capital loan works. Say you’re small business that takes out a $50,000 loan payable in six months. You will then make 132 daily payments of $446.97, which means the total amount you pay back is roughly $59,000.*\n\n*A small business can also take out a merchant cash advance. In this case, a company that takes out a loan of $20,000, for example, pays back $24,000 in seven months. “There is no fixed payment on these advances,” he says. “Rather, 10% of each daily batch of credit card sales is used to pay back this amount until reaching the total. Based on sales in the business, they may be able to pay back faster than seven months, or slower. But in either case there is neither a prepayment penalty nor a late penalty.”]*\n\n## Can you elaborate on National Funding’s business model and the way you make money?\nOver the past four years, we have evolved from a business model of being a broker to that of a lender. Thus, we look first to underwrite credits, and then if we are unable to undertake the credit based on our criteria, we offer it to lenders that we think can do so. At this point, we generate business through direct marketing and through referral from brokers.\n\n## Equipment leasing is a big part of the company. Can you explain how leasing equipment from National Funding is a good option for a small business?\nLeasing is advantageous for businesses in some cases where the asset they want to purchase has a longer life. It is best to match any borrowing against the life of the asset, so inventory and payroll are good examples of a reason to borrow using working capital. Thus, when a piece of equipment needed for the business is expected to have a life of several years duration, it makes more sense for a business to repay the loan over that time — in which case leasing makes more sense.\n\n## You’ve been quoted as saying that many small-business owners have become risk averse. Why is that happening, in your view?\nIn 2008, the market fell apart. A lot of people look back at that time and are still concerned about the future. I think pre ’08 a lot of people did five-year business plans, and now people are really focused on a yearly basis what their needs are, what their strategies are. When you’re dealing with the small and mid-sized businesses, taking long-term obligations [is something] you are seeing people less comfortable with because they don’t want to be straddled with long-term debt. We offer products anywhere from a six-month loan to a five-year equipment lease, and there are people that would rather pay a premium to borrow for the short-term just to not have a long-term obligation. That just comes from the downturn and the market and the past and the severity of that and the mentality that has moved forward.\n\n## Is that the case even with the rising optimism in the economy?\nA lot of the indexes are at an all-time high, but when you’re looking at the business growth initiatives and the forecasting, you’re [seeing small businesses] still more limited in their business plans and focusing more on the short-term needs versus the three-to-five-year horizon. With optimism you mentioned, you’re seeing people move on quicker, but they’re balancing their debt obligations. The banks never came back in to fill this niche, and so a lot of small businesses struggled to rebound from the recession and so they don’t want to be caught off guard again where they can’t refinance their debt or they can’t borrow to get themselves through the next patch of need and don’t want to have that extra risk hanging over them.\n\nBut the optimism is huge. We’re seeing tremendous demand for purchasing, tremendous demand for capital. I still feel that increase, but the duration of the obligations that these customers want are shorter in nature than they were pre-’08.\n\n## The bigger banks have been more reluctant to address the needs of small- and medium-size businesses. Why is this happening, and what’s the opportunity for companies like National Funding?\nThere’s huge opportunity for companies like us. For banks, it costs as much to process a small loan as a big loan. The risk of taking losses on these small loans have led banks to move away from that sector to the middle market and bigger companies. That’s where they feel more comfortable. That’s where there’s more data. Thats where the financials are stronger. There’s more information on those companies. [In the past], banks would finance small businesses through a variety of different products. That could have been the bank credit cards or the business line of credit or even a home equity loan. A lot of those [banks] have shrunk their extension of credit. Companies like ours and various alternative lenders have sprung up, and the hypergrowth is extreme. That’s just to fill a need that’s been there since ’08. So you’re seven years into it. I don’t know of any bigger alternative lender that isn’t growing at a very high rate.\n\n##Are there things about this hypergrowth that worry you?\nNo. The people that are borrowing money from alternative lenders have a specific need. The average debt-to-revenue is very low right now. Because the banks pulled away, a lot of these small businesses and middle market companies are very underleveraged, and so they’re still operating way under the leverage they used to operate. So they can manage their debt. They can manage their obligations. And the economy is strong. So lending is really good when there’s a good economy. U.S. GDP is growing. You have low unemployment rate, high business confidence rate. At the end of the day, small businesses are at a very low debt level.\n\n## You started in 1999, so your company has gone through the downturn that hit in the early 2000s and then the bigger one in 2008-2009. What are the key lessons you’ve learned?\nPeople go through cycles, and you should prepare your capital and structure and manage your debt levels appropriately because there will be good times and bad. [You need] to learn a lot of lessons about managing and training employees to go through these types of cycles, and to be a disciplined lender because when the market gets heated up, a lot of lenders act irrationally. You’re seeing since ’08 a lot more prudence and a lot more discipline in underwriting standards, and underwriting for the long haul versus what you saw in pre-’08.\n\n – Article by Benjamin Pimentel for NerdWallet"},{"slug":"online-lenders-provide-quick-easy-access-to-capital","heroType":"VeryShort","heroTitle":"In The News","originalDate":"2015-10-27T07:00:00+00:00","title":"Online Lenders Provide Quick, Easy Access To Capital","body":"

Capital and credit markets aren’t what they used to be, and for many small and medium-sized businesses that’s turning out to be a good thing. To be sure, traditional sources of funding such as bank loans, lines of credit, and venture capital continue to dominate, but the emergence of alternative funding providers — especially tech-driven online lenders — is making it easier and faster for businesses to get the money they need, when they need it.

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Over the past six to seven years the outstanding portfolio balance of online lenders has been growing at an annual rate of about 175 percent, compared to a decline of about 3 percent a year in the traditional banking sector, according to a Harvard Business School working paper. While still representing only a fraction of the funding provided to small businesses, alternative funders — often referred to as “FinTech” companies — are changing the way in which those businesses access capital, by providing greater competition, price transparency, and a better customer experience.

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“There is a tremendous demand for capital among smaller businesses,” says Dave Gilbert, CEO of National Funding, which has been active in this space since 1999, “and something like 90 percent of small business bank loan applications are denied. FinTech companies provide access to the capital these companies need to run and grow their business, without having to go through the laborious process of a bank loan application.”

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Evidence of that demand can be seen in the high number of FinTech companies jumping into the market and the meteoric growth of some established firms. For example, Quick Bridge Funding, which launched in 2011, is now ranked No. 5 on the 2015 Inc. 500 list. Supply and demand is a major factor behind that growth, but other trends are also fueling it, says Quick Bridge Funding president Ben Gold. The trust factor is increasing, as business owners become more open to securing financing online; TV shows like Shark Tank and Blue Collar Millionaire fuel the American dream of business ownership; and technology and the internet make it easier than ever to pursue that dream.

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What makes it possible for companies like National Funding to deliver up to $500,000 in funding within 24 hours is their approach to analyzing data and, in National Funding’s case, the breadth of its product mix. “There are a lot of companies out there focusing on short-term lending now, but they don’t offer the product selection we do, especially equipment leasing,” Gilbert says. “That gives us flexibility to do the best job of matching the right funding vehicle with a specific business need.”

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Alternative funding is particularly well suited to business needs of limited duration, since the loans or leases provided generally matched to the time frame of the business use. “It doesn’t make sense if you have a four-month project to take on a two-year loan commitment and pay interest on the money that you’re not actually putting to work,” Gold says. “In a perfect world, you match the length of the loan to the length of the project. When it’s over, it’s easy to calculate your ROI. That is what short-term lending is designed to do.”

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Originally printed in Inc. Magazine

"},{"slug":"guess-which-small-business-industry-is-growing-the-fastest","heroType":"VeryShort","heroTitle":"In The News","originalDate":"2015-07-09T07:00:00+00:00","title":"Guess Which Small Business Industry Is Growing the Fastest?","body":"\n

Growth in manufacturing and consumer spending has helped this unglamorous industry prosper

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Those big rigs you see rumbling down the freeway are a sign of good times.

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Trucking is now the fastest-growing small-business industry in the U.S., thanks to a robust economy and expanded options for small-business loans and financing.

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Two kinds of small businesses in trucking posted the biggest jumps in revenue in the 12-month period ending May 31, according to a report released this month by Sageworks, a financial analysis software company.

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General freight trucking, which covers small businesses that transport a wide range of merchandise, was at No. 1, recording a nearly 25% uptick in sales, the report said.

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At No. 2 was building and construction, at 19%, followed by specialized freight trucking, which covers tankers and refrigerated trucks, at No. 3 with a 17% gain.

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The survey was based on an analysis of financial statements of small businesses with annual revenue of less than $5 million.

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Trucking’s momentum is evident in California, home to the biggest trucking association in the nation.

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“Trucking is one of the great entrepreneurial opportunities,” Shawn Yadon, chief executive of the California Trucking Association, tells NerdWallet. “We typically trend with the overall economy.”

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And the trend has been upbeat, highlighted by growth in manufacturing and consumer spending that’s “still doing well,” he says.

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Trucking’s momentum was also underscored in May when the American Trucking Associations reported that the industry’s revenue topped $700 billion for the first time ever.

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“Trucking is, and will continue to be, the dominant way to move goods in this country,” Bill Graves, the association’s CEO, said in a statement.

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In fact, there’s so much demand for trucking services that the industry is wrestling with a shortage of 35,000 to 40,000 drivers, according to the American Trucking Associations.

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That points to even more opportunities for entrepreneurs who now have more access to small business loans and other kinds of financing.

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David Gilbert, CEO of alternative lender National Funding, says his company is “seeing fundamental growth” when it comes to transportation-related small business loans. “People are transporting more stuff,” he tells NerdWallet. “The economy is growing again.”

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Trucking can be a complex industry, and entrepreneurs interested in entering that industry should focus on three key areas:

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Make sure you know and understand rules and regulations

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Yadon of the California Trucking Association stresses the need to “go through the proper channels.”

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If you plan to operate in multiple states, the website of the Federal Motor Carrier Safety Administration of the U.S. Department of Transportation includes information on requirements.

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A key step is getting a USDOT number, which federal authorities use to keep track of your small business in connection with safety audits and crash investigations and inspections.

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You also have state regulations to think about. In California, for example, you’ll need to comply with regulations related to air emissions and carrying different types of cargo, such as animals, crops and produce. A good place to start is the website of the state’s Department of Transportation.

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Have a clear plan for buying and maintaining trucks

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Of course, one of the most important steps in starting a trucking business is, well, buying trucks.

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Yadon estimates the cost for a truck ranges from $50,000 for a used rig to $150,000 for a brand new vehicle “with a lot of bells and whistles.”

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“There’s a lot of very good technology going into the equipment now,” he says.

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But you need to plan this investment carefully, says Gilbert of National Funding, which offers financing to both owner-operated companies with just one truck and bigger firms operating at least five vehicles.

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That means having a game plan for maintenance and being prepared for the business impact of trucks breaking down, he says.

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“They need to really manage good quality vehicles,” he says. “If they need to fix the vehicles, if there’s a hiccup and they don’t fix it, it could hurt their business.”

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Join a local or state association of truckers

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For entrepreneurs who are just starting out, it’s wise to reach out to other trucking companies, which usually means joining local or regional associations, Yadon says.

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For example, members of the California Trucking Association get access to exclusive programs, such as special deals for tires, legal services and financing truck purchases or leases.

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The trucking industry has so much momentum, “you’re probably going to see another uptick in the second half of the year,” Yadon says.

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“It’s definitely a good time for trucking,” he adds.

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By Benjamin Pimentel in Time’s Money Magazine

"},{"slug":"disrupting-finance-since-1999","heroType":"VeryShort","heroTitle":"In The News","originalDate":"2015-10-06T07:00:00+00:00","title":"Disrupting Finance Since 1999","body":"

Many people believe that “alternative finance” started in 2005. US giant Lending Club was launched in 2007, two years after the arrival of major UK consumer lender Zopa. However, at least one market participant has been around for much longer. National Funding was launched in 1999. As such, it has weathered the 2002 downturn, and of course the 2008 crunch. National Funding is not a “peer-to-peer” platform, but a non-bank lender focused on the SME space. AltFi spoke to Dave Gilbert – founder – and discussed how the world of P2P has changed in the last 16 years, the effects of the recession, and what’s on the horizon for National Funding.

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To kick proceedings off, we asked Mr. Gilbert what the biggest operational differences were between 1999 and now:

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“The biggest difference in 1999 is both the availability and access to data.  There was far less information about small businesses then we have today, and of course, the Internet was only in its early stages.  Business operations were still efficient but ran a lot slower. Technology has helped us make better underwriting decisions, and speed up the process.”

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“One of the main [technological] differences is how we analyse a business. We don’t solely have to rely on business owners’ personal credit score anymore. Our technology platform looks at thousands of data points to determine creditworthiness. These data points look at overall business health, online accounts and social media ratings.”

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“Another obvious difference is in the speed in which we are able to do things now. We can underwrite, approve and fund a small business in 24 hours. Speed and automation hasn’t only helped us but has helped our customers, especially in the way they apply for a loan. It’s helped remove the tedious, lengthy process of traditional bank loan applications.”

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The lack of technology certainly restricted supply. On the demand side, the founder spoke about the lack of public awareness back then:

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“When we started, the term “alternative lending” was not even used. We spent several years educating small business owners on why they should choose us over banks. During the recession, awareness and demand greatly increased. Now, alternative lending has become the norm and small business owners are increasingly jumping on the bandwagon.”

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It’s clear that the recession was a big turning point for his businesses. We asked Dave for a little more detail about the effects of the recession. He highlighted the fact that, whilst the recession did raise awareness and boost demand, it wasn’t an instant boost. The important change for P2P lenders was that, whilst loan demand temporarily dried up, bank supply of credit has remained dry:

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“After the recession banks started to have more stringent lending criteria. They actually weren’t lending to small businesses (and are still not) that needed a micro-loan (between $5,000 – 100,000,000), and there is solid evidence that they have largely vacated the space of less than $1 million.”

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“The small business customer we had in 1999 is the same that we have today. They are in need of growth capital. Even back when we launched, it was tough for these business owners to get bank loans, especially ‘micro-loans’ (under $100K). We were and are still here for them. We wanted to create a solution for the under banked.”

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National Funding is on an upward trajectory, with 172% growth over the last three years and having loaned over $1 bn to 20,000 small business. We asked Mr Gilbert what his growth plans were:

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“Right now we lend up to $500K. We want to bring that up to $1M. We are also working on developing micro-ticket products for smaller type companies as well as working on strategic partnerships.”

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To finish, we discussed the emergence of rival platforms – clearly something that wasn’t around in 1999, and the effect of competition on business:

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“Competition is good. It’s helped to show that there is a need for this type of disruption and small business owners are eager to try a non-traditional source and finally secure the capital they need to sustain and grow their business.

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“The competition will also keep helping to drive rates down.”

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Interesting stuff, and reflective of the transformation of the industry over the last 16 years. It is hard to believe that the next 16 years will not produce an even bigger transformation in how individuals and companies are financed.

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By Henry Thomas for AltFi News

\n\t"},{"slug":"wells-fargo-to-provide-additional-45-m-to-national-funding","heroType":"VeryShort","heroTitle":"In The News","originalDate":"2015-10-15T07:00:00+00:00","title":"Wells Fargo Capital Group to provide additional $45M to National Funding","body":"

Small business lender National Funding has secured an additional $45 million in funding from Wells Fargo Capital Finance. That brings Wells Fargo’s total commitment to $75 million.

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National Funding CEO David Gilbert said the additional commitment will allow them to provide additional assistance to small businesses across the country. Mr. Gilbert described Wells Fargo as a “premier bank” to work with, while adding the bank is very selective when choosing partners in the alternative lending sector.

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National Funding and Wells Fargo have worked together for several years. Mr. Gilbert shared some observations on what funders look for and how funding relationships are best maintained. “They are passionate about the financial stability of an organization. They want to know what products look like and how they perform. They want to know borrowers are able to pay back those loans.” Mr. Gilbert added National Funding provides monthly reports to Wells Fargo which shows how funds were deployed and repaid.

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Mr. Gilbert said National Funding is hiring additional analytics and credit staff as it prepares for significant growth in 2016 in what would be a continuation of growth that has seen revenue increase by 172 percent over the last three years.

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As seen in the Bankless Times.

\n\t"},{"slug":"national-funding-inc-5000","heroType":"VeryShort","heroTitle":"In The News","originalDate":"2017-09-15T07:00:00+00:00","title":"National Funding Appears on the Inc. 5000 List Five Times in a Row","body":"

National Funding makes Inc. magazine’s prestigious Inc. 5000 list five consecutive years reporting 185% growth from 2013 – 2016 for the new 2017 list.

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SAN DIEGO, Calif.–(BUSINESS WIRE)–National Funding, one of the country’s leading financial technology companies for small and medium-sized businesses, ranked as one of the nation’s fastest-growing private companies on two prestigious lists. In July, the San Diego Business Journal named National Funding its No. 62 fastest growing San Diego company with 94% growth from 2014 – 2016. In August, Inc. magazine ranked the financial services company No. 2030 on its 36th annual Inc. 5000 with 185% growth from 2013 – 2016.

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“It’s a distinct honor to be recognized on the Inc. 5000 for five consecutive years”

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The Inc. 5000 is the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small- and mid-sized businesses. Companies such as Microsoft, Dell, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees of the Inc. 5000.”The Inc. 5000 is the most persuasive evidence I know that the American Dream is still alive,” says Inc. President and Editor-In-Chief Eric Schurenberg. “The founders and CEOs of the Inc. 5000 tell us they think determination,”The Inc. 5000 is the most persuasive evidence I know that the American Dream is still alive,” says Inc. President and Editor-In-Chief Eric Schurenberg. “The founders and CEOs of the Inc. 5000 tell us they think determination, risk-taking, and vision were the keys to their success, and I believe them.”

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“It’s a distinct honor to be recognized on the Inc. 5000 for five consecutive years,” said David Gilbert, CEO of National Funding. “Our sustained growth is a tribute to our exceptional employees and 20 years of delivering more than $1.5 billion in capital for more than 25,000 businesses nationwide. We’ve achieved our longevity by building strategic relationships with small- to medium-sized businesses like those who make the Inc. 5000 list. Our philosophy is to provide solutions that meet and exceed the needs of our customers.”

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Methodology

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The 2017 Inc. 5000 is ranked according to percentage revenue growth when comparing 2013 to 2016. To qualify, companies must have been founded and generate revenue by March 31, 2013. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2016. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2013 is $100,000; the minimum for 2016 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at https://www.inc.com/inc5000

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About Inc. Media

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Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders. Winner of the National Magazine Award for General Excellence in both 2014 and 2012. Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 18,000,000 today. For more information, visit https://www.inc.com

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About National Funding

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Founded in 1999, National Funding is one of the country’s leading financial technology companies for small and medium-sized businesses, providing working capital loans, equipment financing, merchant cash advances, and merchant services. The company believes in American small business owners, and strives to provide fast turnaround, flexible solutions and great service to all its customers and clients in a diverse range of industries including: construction, excavation, manufacturing, retail, packaging, printing, restaurant, telecommunications, trucking, transportation, and waste management, among others. For more information, please visit https://www.nationalfunding.com

\n\n\n"},{"slug":"national-funding-acquires-quickbridge","heroType":"VeryShort","heroTitle":"Press Release","originalDate":"2018-10-02T07:00:00+00:00","title":"National Funding Acquires QuickBridge","body":"

National Funding, one of the largest private fintech lenders of small and medium-sized business loans, announced today that the company has purchased QuickBridge, a leading alternative financial services firm offering working capital to small businesses (SMB) nationwide. Today’s announcement bolsters both companies by combining back-end resources, including advanced technology, innovation and product development. Both companies will continue to operate independently.

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National Funding’s acquisition of QuickBridge will also help further fuel the company’s growth. Collectively, the companies have provided more than $3 billion in financing to small and mid-sized businesses, and overall loan volume will exceed $600 million in 2018. QuickBridge, which has been recognized in recent years for its rapid rise, including year-over-year double or triple-digit percentage growth, remains one of the top [alternative lenders](https://www.nationalfunding.com/solutions/alternative-lending/) in the nation, having deployed more than $500 million in working capital to SMBs. Combining the robust technology of QuickBridge with National Funding’s leading sales and customer service creates a complimentary, powerhouse lending operation.

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“QuickBridge’s goal has been to provide a strong tech-driven solution to the Main Street capital needs of American businesses,” stated Dave Gilbert, founder and chief executive officer, National Funding. “Now, seven years down the road, QuickBridge has grown into one of the leading alternative lenders in the nation. Combining QuickBridge’s success with National Funding’s proven industry-leading track record strongly positions us for even greater profitability as a combined entity.”

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Ben Gold, founding President of QuickBridge, will remain in his current post and work closely with Dave Gilbert to further accelerate both company’s strong growth trajectory. National Funding’s executive leadership team will remain in place, and both National Funding and QuickBridge will work closely to leverage key resources and learnings to achieve maximum results. The deal comes during the rapid rise of fintech firms grabbing an increasingly larger share of the business lending market. Fintech firms account for a growing share of US small business loans (25%) to the tune of approximately $31B.

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About National Funding

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Founded in 1999, National Funding is one of the country’s leading financial technology companies for small and medium-sized businesses, providing working capital loans and equipment financing. The company believes in American small business owners, and strives to provide fast turnaround, flexible solutions and great service to all its customers and clients in a diverse range of industries including: construction, excavation, manufacturing, retail, packaging, printing, restaurant, telecommunications, trucking, transportation, and waste management, among others. National Funding was recognized on the Inc.500|5000 list for the past six years, as well as placing on San Diego Business Journal’s Fastest Growing Companies list for the past six years.
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\nThis news release has been issued by National Funding.

"}]}}}