Business Financial Services Announces $125 Million Credit Line Extension
Specialty Finance Company Increases Credit Line to Meet Needs of Nation’s Small Businesses
Business Financial Services, Inc. (BFS), a leading specialty finance company, announced a $125 million credit line with Wells Fargo Capital Finance, a part of Wells Fargo & Company (NYSE:WFC). The new credit line is an increase from the existing $82 million credit line that the company announced last year.
“The demand for small business financing is stronger than ever. Even as the economy appears to be on the mend, small businesses are still struggling to obtain capital from bank lenders,” said Marc Glazer, CEO and co-founder of BFS. “Small business is the backbone of the U.S. economy, and these companies can’t grow without funds. Our mission is to help those business owners who are ready, willing and able to grow, and are looking for funding to be able to do so.”
In just one year’s time, the number of loans furnished by BFS has more than doubled, increasing by 150 percent. And, beyond the sheer number of loans, there has been a marked difference in the industries applying for and receiving funding from the Company.
“After our credit line increase and the expansion of our short-term loan product in 2013, we began to see a much broader variety of industries looking to us for growth capital,” Glazer said. “We were getting an increasing number of inquiries from businesses in verticals that we hadn’t seen much of historically. Year-over-year, we funded 83% more businesses in these industries when compared to 2012. From equipment manufacturers and wholesalers to freight and transportation companies, our well-balanced portfolio showed us that the ongoing demand for business financing is just not being met.”
Glazer says the new credit line aims to bridge the funding gap and provide the financing that these under-served sectors are looking for.
Business Financial Services offers financing solutions from $4,000 to $2,000,000 to businesses in all 50 states.About Business Financial Services
Business Financial Services, Inc. is a leading specialty finance company providing short-term loans and cash advances to owners of small- and medium-size businesses. Founded in 2002 with headquarters in South Florida and supported by private equity and institutional partners, BFS serves businesses in all 50 states and Puerto Rico, and through affiliates in Canada and the United Kingdom. BFS is proud to be an accredited BBB company with an A+ rating. Visit the BFS website at www.businessfinancialservices.com. In the UK, see www.boostcapital.co.uk.About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others. For more information, visit wellsfargocapitalfinance.com.
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