TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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SFNet's 40 Under 40 Award Winners Panel Recap
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
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December 7, 2023
Source: Newswire
VANCOUVER, BC, Dec. 6, 2023 /CNW/ - Merchant Growth, a leading provider of financing for small businesses, is proud to announce a $300 million forward flow facility provided by funds managed by affiliates of Fortress Investment Group LLC ("Fortress") with Raymond James serving as the financial advisor to Merchant Growth Ltd. This facility supports Merchant Growth's plan to refinance thousands of Canada Emergency Business Account (CEBA) loans, enabling small businesses to capitalize on the partial debt forgiveness opportunity offered by the federal government.
The Canada Emergency Business Account (CEBA) has been a lifeline for many small businesses, providing critical financial support during challenging times. Recognizing the importance of helping businesses navigate their financial obligations, Merchant Growth has collaborated with Fortress to put in place this significant program dedicated to CEBA refinancing. Small businesses will be able to leverage funding via Merchant Growth to refinance their CEBA obligations, therein benefiting from the government's forgiveness offering.
The government's forgiveness program for eligible CEBA recipients presents a valuable opportunity for businesses to alleviate financial burdens. Merchant Growth's mission is to empower small businesses by providing convenient and accessible financial solutions tailored to their unique needs.
"This significant financing program with Fortress reinforces our commitment to supporting small businesses. We understand the challenges businesses face, particularly with the approaching CEBA loan forgiveness deadline, and this funding will help empower businesses to navigate these financial obligations effectively," said David Gens, Founder & CEO at Merchant Growth.
"Fortress Investment Group is excited to collaborate with Merchant Growth in providing essential funding needs for small businesses. This partnership aligns with our commitment to fostering economic growth and resilience in local communities by providing innovative funding solutions to specialty lenders. Together, we are seeking to make a positive impact on the Canadian small business landscape," commented Josh Bonacci, Managing Director at Fortress Investment Group.
About Merchant Growth
Merchant Growth is a leading Canadian financial technology company that specializes in small business financing. Over the past decade, Merchant Growth has supported Canadian businesses with hundreds of millions of dollars in growth financing. Using an innovative approach that includes the latest technology, complete transparency and thoughtful customer care, Merchant Growth is committed to helping make business financing convenient, easy to understand, and accessible. To learn more, visit: www.merchantgrowth.com.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $44.7 billion of assets under management as of September 30, 2023, on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
