Funding Round attributes
Fora Financial, a provider of flexible financing solutions for small and medium-sized businesses (SMBs), has successfully closed a $130 million revolving credit facility and a $10 million investment-grade rated corporate note. Truist Bank serves as the senior lender for the credit facility, with Castlelake participating. The corporate note received a BBB rating from Egan-Jones, with Brean Capital acting as the sole financial advisor and placement agent.
Established in 2008, Fora Financial has provided over $3.0 billion in financing to more than 35,000 small business owners. The company employs over 165 people across its New York headquarters and Miami satellite office.
Andrew Gutman, Fora Financial's Chief Operating Officer, commented on the transactions, stating that closing these debt deals during a challenging year in the capital markets represents a significant advancement for the company and its customers. He highlighted the adverse impacts of persistent inflation, rising interest rates, banking sector disruptions, and recession concerns on both small businesses and their financiers. Gutman emphasized that, with the support of lending partners and investors, Fora Financial is well-positioned to continue offering flexible financing to SMBs during unpredictable economic cycles.
The $10 million corporate note is intended to fund future growth initiatives and reduce the company's overall cost of capital. Brean Capital's role as the sole financial advisor and placement agent underscores the firm's commitment to supporting middle-market businesses in achieving their strategic and financial goals.
