CORAL SPRINGS, Fla.--(BUSINESS WIRE)--Business Financial Services, Inc. and its family of companies (BFS), a leading technology-enabled small business financing platform, today crossed the $1 billion milestone in total financings to small businesses.
“This milestone is indicative of how much demand there is for working capital among small businesses, the backbone of the U.S. economy,” said Marc Glazer, CEO and co-founder of BFS. “We pride ourselves on being long-term partners to these businesses, providing capital to help maintain steady growth, while never over-funding and putting undue stress on business owners.”
Nearly half of the $1 billion was funded in just the past two years, with specific areas of demand arising from businesses in retail, restaurant and hospitality, manufacturing, transportation, professional services and healthcare sectors. The average financing amount also steadily increased based on providing capital to larger businesses, as well as those in high growth mode. In April 2015, BFS extended its credit line with its bank group led by Wells Fargo Bank, N.A. to support this increased demand.
“We are excited to reach this milestone, as it is fueled by our ability to meet the financing needs of so many businesses of different sizes across more than 400 industries,” said Glazer. “And with a high percentage of our customers renewing with us, and doing so at higher amounts, we are well-positioned for continued growth.”
BFS offers financing solutions from $4,000 to $2 million to small businesses in all 50 states, as well as in Canada and the United Kingdom.
About Business Financial Services
Business Financial Services, Inc. is a leading technology-enabled small business financing platform providing short-term business loans and merchant cash advances to owners of small 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 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.