BFS Capital, formerly Business Financial Services, is a small business lender that has been around since 2002. They recently filed with the SEC for a confidential IPO and so I wanted to learn more about them. I contacted the company and their CEO, Marc Glazer (pictured below), agreed to this email interview.
What does BFS Capital do exactly?
We empower the growth of small businesses by providing timely, flexible financing solutions. Our solutions include loans and merchant cash advances ranging from $4,000 to $2 million over terms of four to 24 months.
Why did you start the company and how has it changed over the years?
In 1998, I co-founded a company called 4SmallBusiness, a pioneering small business portal that became one of the most trafficked startup websites prior to the 2001 NASDAQ technology crash. In meeting the needs of small businesses, it became clear that accessing business financing was a constant obstacle to small business growth. The solution is BFS. I invested my own funds and attracted outside investors who were confident in my experience, skill set and ability to devise the right strategy to address this segment.
As a pioneer in the industry, BFS Capital overcame the worst economic downturn since the Great Depression. It was the only year we did not grow–and this was by design.
Then, we added our loan product in 2011, significantly expanding our market opportunity by addressing the financing needs of small business owners in nearly every industry, driving our exponential growth. [Read more…]