Oxford Commercial Finance (OCF), a subsidiary of Oxford Bank, marked its first year with $64 million in funding for small and mid-sized businesses across numerous industries and states. Collaborating with its partners, OCF completed 60 transactions, funding approximately $51.7 million in new business in 2023. It also acquired eight new patient loan pools through its HELP joint venture, adding another $12.4 million in funding.
OCF accomplished the following in 2023:
- Reviewed 200 applications through its Working Capital division, totaling just over $400 million of facility limits
- Funded 29 new deals amounting to $27.7 million
- Completed nine new term loans totaling $7 million
- Facilitated 20 transactions totaling $10.7 million in new business through its leasing joint venture with VFS
- Purchased eight pools of patient loans through its patient receivable joint venture, contributing $12.4 million in new funding
- Closed two transactions in alternative energy, adding about $6 million in new funding
OCF President Mick Goik said, “Since Oxford Bank's strategic move to launch OCF and the acquisition that brought Robyn Barrett, SVP-Managing Director, and a team of talented professionals on board in 2022, it’s been an incredible time of growth. The OCF team has ambitious goals for 2024, and we plan on keeping the momentum going with new and creative financing solutions that enable businesses across the U.S. to expand and thrive.”
Education and industry leadership were among OCF’s top goals last year and it made investments of time and resources into initiatives like Oxford Bank’s online Money Masters financial literacy program and an ongoing involvement and leadership in key industry organizations such as American Factoring Association, The Secured Finance Network, and the Turnaround Management Association.
With the backing and treasury management of 139-year-old, FDIC-insured Oxford Bank, OCF assists small to mid-sized businesses to improve cash flow, drive growth, and comfortably scale, with creative and flexible financing options, which include:
- Accounts Receivable Funding to generate immediate cash flow from accounts receivable
- Asset Based Lending to unlock cash tied up in accounts receivable, inventory and equipment
- Purchase Order Financing to fulfill orders during periods of accelerated sales growth
- Leasing to finance critical equipment
- Term Loans to access flexible funding options to enable business growth
OCF provides financing options for companies across a variety of industries including:
- Aerospace
- Alternative energy
- Distributors
- Manufacturing
- Oil & Gas
- Service Providers
- Staffing
- Telecommunications
- Transportation
- Wholesale