NEW YORK--(BUSINESS WIRE)--Strategic Funding Source, a leader in creative and flexible small businesses financing solutions and the largest provider of syndicated small business loan products, has announced a joint venture with Prospa Advance of Sydney, Australia. New York City-based Strategic Funding Source now provides the technology for the electronic servicing, underwriting and cash management of all Prospa Advance accounts in Australia. Strategic Funding Source is also supporting the growth of small businesses in Australia by jointly funding all merchant cash advances and loans originated by Prospa Advance.
“Achieving success in the small business financing industry requires a high level of experience and a strong technology component to do it properly,” stated Greg Moshal, President of Prospa Advance. “As Prospa Advance continues to grow, we chose to work with Strategic Funding Source because they utilize advanced technology while taking a human approach to efficiently evaluating each applicant. Working together creatively, we can improve our profitability by utilizing their technology, underwriting expertise and cash management to service our accounts.”
Prospa Advance joins the hundreds of independent sales organization (ISO) partners and numerous U.S.-based alternative financing companies that currently utilize the syndicated, comprehensive, back-office technology solutions from Colonial Funding Network, a subsidiary of Strategic Funding Source. This white labeled technology underwrites, evaluates business owners, funds, collects and manages payments, pays investment partners and commissions automatically every single day. When Colonial Funding Network launched in 2009, Strategic Funding Source became the first small business financing company to welcome syndication investment from ISO partners and since then, has leveraged their technology to work cooperatively with other companies and co-fund larger opportunities and has funded more than ten thousand businesses.
“At Strategic Funding Source, we don’t have competitors, we have partners,” said Andrew Reiser, CEO of Strategic Funding Source. “We are thrilled to partner with Greg and his team at Prospa Advance because they understand the value of our technology and using it as a tool. But, like us, they never forget that there are real people with unique stories, needs and goals behind every business that seeks financing. This venture is all about making capital available to the people that need it.”
Strategic Funding Source and Prospa Advance typically serve traditional small businesses who are seeking $5,000 to $500,000 in commercial financing. Through this joint venture, Strategic Funding Source has broadened their reach internationally and is now able to offer capital to small businesses on both sides of the world, helping to address the shortage of traditional bank financing.
About Strategic Funding Source, Inc.
Strategic Funding Source delivers creative and flexible financing solutions to small businesses across the U.S. and Australia and is also the largest provider of syndicated small business loan products. Taking a human approach to lending, Strategic Funding Source works directly with small business owners and utilizes its comprehensive IT platform to determine the right amount of capital needed to meet their individual goals. Established in 2006, the Company has its headquarters in New York City and maintains regional offices in Baltimore, Chicago, Seattle and Williamsburg, Virginia – serving thousands of active small business clients around the world. Visit www.sfscapital.com to apply for business financing or to learn more about becoming a business partner.
About Prospa Advance
Prospa Advance offers new and innovative solutions for Australian businesses seeking financing for growth. The company is based in Sydney and serves small to medium sized businesses across a number of industries. The company is geared toward offering fast financing solutions by focusing on the questions that matter and avoiding mountains of paperwork to give business owners the capital they need, when they need it. Established in 2012, Prospa is recognized as the industry leader in Australia.