NEW YORK, Nov. 01, 2016 (GLOBE NEWSWIRE) -- 800fund.com, LLC, an industry leader in alternative funding solutions for small- and medium-sized businesses, announced today that it was expanding its Independent Sales Organization program to an additional 25 loan resellers. The company expects revenue to rise to $250-$300 million in 2017.
The unique program allows select ISO’s to participate in its loan portfolio. These qualified resellers are engaged in offering working capital to small businesses which are unable to obtain traditional bank financing.
Program participants will have access to products and services unavailable from competing firms, including OnDeck, Funding Circle, Kabbage and other alternative lenders.
800fund also announced a program to provide early prepayment incentives to merchant clients of the firm.
The company’s rapid expansion includes offering affordable and sustainable working capital to businesses in addition to financing that may already be in place. This includes loan consolidations for merchants at risk of becoming over-leveraged.
The merchant cash industry has traditionally offered working capital primarily to retailers that needed inventory financing, restaurants seeking to expand, automotive repair shops in need of business loan alternatives and construction companies which need short-term funding, among others.
In Q2 2016, 800fund introduced programs which provide working capital to luxury retailers, funding for partner buyouts, financing for used car dealerships and working capital for diamond dealers.
800fund specializes in expedited financing for small- to mid-sized businesses, generally within 48 hours. The company employs proprietary scoring models which enables it to provide alternatives to traditional bank loans, ranging from $5,000 to $1,000,000, based on the financial health of the business. Underwriting for business working capital is heavily reliant on bank deposits, merchant processing volumes and the business’s online reputation. Repeat customers are offered significant discounts for future business financing needs. 800fund offers programs in which it buys future receivables at discounted rates as low as 10%.
About the Company:
800fund is a leading merchant cash advance and short-term alternative lender to small- and medium-sized businesses. It is headquartered at 30 Broad Street, New York, NY, and has a number of affiliate offices throughout the US and abroad.
30 Broad Street, 28th FL.
New York, NY 10004
T: (212) 865-3863 │ F: (800) 908-8550
Products and Services Offered: Merchant Cash Advances, Working Capital, Alternative Financing, Business Loan Alternatives, Short-Term Financing, Invoice Factoring, Purchase Order Financing.