Fora Financial, New York, New York
Company: Fora Financial, New York, New York
Entry Submitted By: Krakoff Communications
Company Description: Fora Financial offers flexible, working capital solutions to small businesses in need of financing to sustain or grow their enterprise. The Manhattan-based Company places a high value on trust and transparency and provides businesses with quick, customized financial solutions utilizing its state-of-the-art technology platforms.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Financial Services
Nomination Title: Fora Financial
Tell the story about what this nominated organization achieved since January 1 2013 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Fora Financial is a direct provider of working-capital solutions to small businesses and is one of the first and only businesses to be founded and grow in this industry during the recession, which began in 2008. The Company has thrived while establishing a competitive advantage to help them continue to grow. In the past year, Fora Financial has helped thousands of small businesses and even saved some from going out of business.
In today’s business environment, most banks will not lend money to small businesses, especially those without a long history or who are experiencing financial issues. Even if a bank will provide funding, the process is complex and can take many weeks, which is time most small businesses don’t have.
This is where Fora Financial provides creative solutions. The Company’s competitive advantage is its consultative approach to understanding and solving customers’ needs, combined with its advanced technology platform. Customers can be approved within 24 hours and receive funds within 72 hours after approval.
In addition to being among the fastest in the industry, Fora Financial provides the most-extensive offering in the industry and delivers a high level of customer satisfaction and transparency.
This formula has proven to be successful, as Fora Financial has grown at least 100% every year since its inception six years ago. In fact, 2013 was its best year for sales growth in its history. From January 2013 through March 2014, Fora Financial funded businesses 3,768 times with a total of more than $112 million.
To meet its growing needs, Fora Financial expanded its office space from 2,500 square feet to 10,000 square feet over the past year. In Spring 2014, Fora Financial is once again investigating options for additional office space. The expanded space and technological improvements in 2013 position the Company for an even better 2014 and beyond.
Within the past year, Fora Financial has funded many locations of well-known companies including Arby’s, Baskin Robins, CINNABON, La Quinta Inn and Suites, Meineke Car Care, Plato’s Closet and Quiznos. As an example, Pita Grill, a New York City café, was actually saved from closing. The business owner obtained six rounds of funding to pay rent, payroll, business licenses and make physical updates to the location. The funding allowed Pita Grill to expand and thrive as a healthy, well-funded operation.
And, the great work Fora Financial has done to help small businesses has been noticed by the national media. Within the past year, it received coverage in the "New York Times" and "YFS Magazine," along with many trade publications including "Food & Beverage Magazine," "ISO & Agent," "Greensheet," "American Spa" and "The Secured Lender."
Most recently, in January 2014, Fora Financial is giving back to the small business community by creating a unique Facebook contest. "Project Small Biz" creates an opportunity for one small business to receive $5,000 to help it grow. The contest’s initial success in January encouraged Fora Financial to run it a second time in March.
In summary, Fora Financial’s consultative approach to understanding and solving customers’ needs, combined with its advanced technology platform, speed and transparency makes it a clear leader in its industry.
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Provide a brief (up to 125 words) biography about the leader of this nominated organization:
In 2008, Jared Feldman partnered with Dan Smith to start Fora Financial. With nearly a decade of experience within the financial services and small business industries, Jared leads the Company’s efforts to secure partnerships with clients including many companies ranked on "Inc. Magazine’s" fastest growing small businesses in America.
Jared also oversees the infrastructure and systems for the accounting, marketing and business development teams. Dan also helps to run the Company while overseeing client relationships and ensuring transparency. To date, Dan, Jared and their company have provided working capital solutions to more than 4,500 small businesses nationwide.
Together, they have built and expanded the Company into one of the most successful and fastest growing financial services firms in the small businesses sector.