Fora Financial announced the closing of a $52.5 million senior revolving credit facility. A group of four financial institutions will participate in the new facility, with AloStar Capital Finance, a specialty provider of asset-based loans to the middle market, acting as sole lead arranger and the administrative agent. The deal agreement provides Fora Financial with financing over the next three years and also allows for the expansion of the facility size to $75 million, nearly tripling the company’s current borrowing capacity.

The participating financial institutions include two members of Fora Financial’s current senior lender group, BankUnited and Customer’s Bank, as well as new participant First Tennessee Bank. All four banks have significant experience offering credit to the merchant finance industry, providing Fora Financial with partners who uniquely understand the company’s business model and growth strategy.

“This is a landmark achievement for Fora Financial, and we are extremely excited to partner with AloStar and the bank group in the expansion of our senior credit facility,” says Andrew Gutman, Chief Financial Officer at Fora Financial. “This facility will provide us with flexible, low-cost financing that will enable us to continue on our growth trajectory while offering even more attractive and innovative solutions to thousands of small businesses in need of capital.”

To date, Fora Financial has provided over $450 million of working capital to over 9,500 customers nationwide, spanning a wide range of industries. In October 2015, Fora Financial entered into an investment partnership with an affiliate of Palladium Equity Partners, LLC, adding significant market expertise and capitalizing the company’s balance sheet for future growth. Over the past five years, the Company has grown annual originations by over 50 percent.

“It is always exciting to support a company that shares our interest in helping American companies create their own success stories, and Fora Financial is one of those,” said Andy McGhee, CEO and president of AloStar. “We were pleased to work with our partners to provide a customized solution for Fora Financial.”