California-based ForwardLine Financial announced that it has raised $20 million in growth capital, led by Five Oceans Capital and Marsico Enterprises.
Launched in 2003 and led by CEO Steve Carlson, ForwardLine Financial is a non-bank lender providing small businesses across the United States with financing alternatives to traditional business loans. In addition to loans, the company also offers payment-processing services to its borrowers. The new funding will used to support ForwardLine Financial’s origination goals.
Backed by Chicago-based private equity firm The Vistria Group, the company also recently closed a $100 million senior credit facility with Sector Financial, a division of Credit Suisse, and Neuberger Berman Private Equity Funds. The new capital help the company achieve new record originations in Q2 2019, a 300 percent increase over the previous year.
Since its launch, ForwardLine has provided more than a half-billion dollars in funding to over 15,000 companies.
“The growth that we’ve experienced over the past year highlights the passion that our team members have towards helping small business owners achieve their dreams,” Carlson said in a press release. “We are thrilled to have the support of Five Oceans Capital and Marsico Enterprises as we continue to deliver industry-leading growth.”
“Vistria seeks to partner with investors that share our vision for growth and passion for improving the financial health of small businesses,” said Mike Castleforte, partner at The Vistria Group. “We’re pleased to have both Five Oceans Capital and Marsico Enterprises support the ForwardLine team as the company continues on its path to becoming the preferred partner for small businesses nationwide.”