A Note from Our Co-founder & Executive Chairman
“Building an organization that empowers small businesses has been an extraordinary journey, and together, we are ready to reach even greater heights.”
At Forward, our commitment to empowering small businesses through financial opportunity is at the heart of everything we do. Our talented and passionate team drives our success, shaping a culture that truly stands apart.
2024 was a transformative year. We helped thousands of businesses access the funding they needed to thrive, celebrated key milestones, and navigated significant transitions to position Forward for continued success. A pivotal moment was my transition to Executive Chairman and welcoming Jason Mullins as our new CEO, underscoring our focus on sustained growth.
The strength of our business is a direct result of our dedicated team. This report celebrates their contributions, the impact we made in 2024, and the unique culture that defines Forward.
— Justin Bakes, Co-founder & Executive Chairman
What We're All About
What We Do and Why We Do It
We provide revenue-based financing, offering small businesses fast and flexible working capital in exchange for a set portion of their future revenue. By simplifying requirements, streamlining the process, and leveraging advanced proprietary technology, we make financing more accessible to those who need it most.
We are driven by our belief in the power of small businesses and their vital role in strengthening our communities and our economy. Every business deserves financial opportunity, and we’re committed to helping them succeed.
Our Core Values
Drive the Mission
We believe in financial opportunity for underserved small businesses.
We say “yes” when others say “no.”
Keep It Real
We value direct communication, candid feedback, and authenticity.
We are an open book.
Act with Kindness
We create an environment where caring is cool and helping is the norm.
We do the right thing.
Shoot for Extraordinary
We are inspired by innovative thinking and continuous improvement.
We never settle for yesterday’s best.
Our Customers
Serving the Underserved
Forward provides fast, flexible capital to small businesses across the US that have been long underserved by traditional financing options. With more than 30 million small businesses in the US and many of them concerned about their access to capital, we want to be serving more of them.
Who They Are
Customers served since inception
Customers served in 2024
Customers in LMI areas
Average time in business
Top Industries Served
Trucking & Transportation
Construction
Restaurants
How We Help
Funding provided since inception
Funding provided in 2024
Total customer savings using our
early performance discount
Average time from
application submitted to approval
Continued ICIC partnership, offering our customers in Low-to-Moderate Income (LMI) areas tuition-free executive education.
What They Have to Say
“Revenue-based financing from Forward helped me keep my truck running daily, so my weekly income doubled. It gave me enough time and space to breathe.”
— Vivian Dennis, Speedy Vipp Trucking
“They are flexible, speak my language, and they are always willing to help.”
— Juan Diaz, JC & Son’s Trucking
“We’re looking to open up a third location…There’s really no limit to what we can achieve with Forward helping us.”
— Bob Garrett, Necessary Tires
Five-star reviews
Trustpilot rating
Google rating
Our People
People:
Our Greatest Asset
At Forward, we value direct communication, candid feedback, and authenticity. This drives every part of an employee’s journey at Forward, from the time they join our team, through various stages of growth and challenges, professional successes, and personal milestones. Our goal is that every team member feels heard, supported, celebrated, and cared for at the individual level.
Total Employees
People located in the United States
People located in the Dominican Republic
average employee tenure
of managers are women
of employees promoted
How We Help
Launched Equity Buyback & Distribution Program
As part of our commitment to scaling and maturing our organization, we introduced an innovative Equity Management Program for US Forward team members with equity. Launched in 2024, this program offers a streamlined, user-friendly platform to simplify the management of equity holdings. By providing this efficient solution, we underscore our dedication to recognizing and rewarding our team’s contributions as we continue to grow and succeed together.
Implemented New Learning & Development Programs
Effective training is essential to support career development, foster a positive company culture, and achieve organizational success. In 2024, we introduced a new three-part cohort training program specifically designed for our US people managers to help develop critical leadership skills, including effective communication, problem-solving, and decision-making. We also introduced a new Professional Development bonus for our DR team, providing access to a wide range of courses, workshops, and cohort-based learning programs designed to build new skills and support career growth within their defined paths.
Expanded Lifestyle Spending Options
When it comes to benefits, there is no one-size-fits-all policy. To ensure we’re meeting the diverse needs of our US employee population, we have a monthly Flex Pass Program to offset some of the costs associated with commuting, a home office, or wellness expenses. In 2024, we expanded the program to cover an even broader range of costs, including mental health subscriptions, childcare expenses, pet supplies, dog walking services, and more. This shows our dedication to offering benefits that support the unique lifestyles of our team members.
Offered Duolingo Language Learning
Fostering continuous growth across our global team in the US and Dominican Republic, both professionally and personally, is part of our mission here at Forward. That’s why in 2024 we offered every team member a free, premium Duolingo account, empowering them to expand their skills and explore new languages, whether it’s English or Spanish. This unique benefit enhances communication and deepens cultural understanding, enabling our team to connect and collaborate more effectively on a global scale.
Fostering a Fair and Inclusive Culture
Creating a workplace rooted in trust, respect, and belonging is at the heart of everything we do. In 2024, we proudly hosted six impactful speaker sessions covering topics such as LGBTQ+ allyship, AAPI heritage, ableism, and BIPOC entrepreneurship. We also launched an employee ambassador program, empowering team members across the company to champion inclusion and create opportunities for ongoing learning and connection among all employees.
Bringing Our Teams Together
As a remote-first organization, Forward prioritizes meaningful connections to foster a thriving workplace. To bring our team together, we host Forward Palooza, a biannual meetup for US-based employees in Boston and DR-based employees in Santiago, featuring learning opportunities, an all-hands meeting, and time to connect and celebrate.
Supporting Our Communities
Our employees are deeply committed to Driving the Mission in everything we do, including supporting local and underserved communities. In 2024, our teams dedicated their time and resources to a variety of organizations, making a meaningful impact while enjoying the process of giving back.
total donations
employee donations
volunteer hours
non-profits supported
What They Have to Say
Glassdoor rating
Employee reviews
Would recommend
Our Business
Driving Growth and Opportunity
Since our founding, we have provided fast, flexible, and reliable funding solutions to help entrepreneurs overcome challenges, seize opportunities, and drive growth. With a customer-first approach and a team driven by innovation and collaboration, we continue to set the standard for excellence.
Enhancements Made
Built Our Leadership Bench
In 2024, we made significant strides in building a robust leadership bench across key areas of our organization. By focusing on Executive, Technology, Product, Sales, Operations, and People teams, we strengthened our leadership pipeline through strategic hiring, internal development, and fostering a culture of growth and innovation. Our efforts included promoting talent from within, providing leadership training, and ensuring a diverse range of perspectives at all levels. This commitment to leadership development has positioned us for continued success and agility in an ever-evolving market.
Integrated New Technologies
Throughout 2024, we leveraged cutting-edge innovation in AI, machine learning, and predictive analytics to enhance our credit decision and underwriting strategy. By staying at the forefront of technology and automation, we streamlined workflows, improved decision-making accuracy, and reduced processing times. Predictive analytics enabled us to better assess risk, while machine learning algorithms continuously optimized our underwriting models. These advancements not only increased operational efficiency but also enhanced our ability to deliver faster, more personalized service to our small business customers.
Evolved with Industry Legislation
In 2024, we demonstrated our ongoing agility in navigating the evolving landscape of state legislation impacting our industry, implementing new disclosure laws passed in Florida, Georgia, Kansas, and Connecticut. Through vigilant monitoring and swift adaptation to other ongoing legislative changes, we ensured compliance and maintained alignment with emerging industry standards. Joining the Financial Technology Association (FTA) further strengthened our network, providing critical insights and resources that enhanced our ability to adapt and thrive in a dynamic regulatory environment.
Milestones Achieved
Shattering Funding Volume Records
2024 was a year of extraordinary achievements, with our team setting new benchmarks across the board, including reaching our highest funding volume day, week, and year in Forward history! These record-breaking milestones are a testament to the hard work and passion of our team, as well as our unwavering focus on delivering critical working capital to small businesses.
Nearly Doubling Our Credit Facility
A defining moment of 2024 was the remarkable expansion of our credit facility, growing from $250 million to $450 million. This significant increase empowers us to further our mission of fueling the growth of small businesses nationwide, providing the resources they need to thrive.
Awards Won
Ranked #3 on the
BBJ's Largest Fintech
Companies in MA
Ranked #15 on the
BBJ's Middle Market
Leaders List
Won a Silver Stevie® in
Diversity & Inclusion,
Corporate Social Responsibility,
and Customer Service
Certified in the
US and the DR
Named in the
Built In Best Places
to Work Awards
A Note from Our New CEO
“The potential for growth and impact is extraordinary, and I’m excited to build on a strong foundation to support our customers and achieve great things together.”
As I begin my journey with Forward in 2025, I am filled with excitement and gratitude. Joining an organization with such a powerful mission is both an honor and a privilege.
Forward has already achieved so much, helping countless small businesses access vital working capital and make a meaningful impact on the communities they serve. The dedication and talent of the team are what set this organization apart, and I am thrilled to be part of a culture that values innovation, collaboration, and purpose.
The potential for growth and impact is extraordinary. We have the opportunity to expand our reach, enhance the ways we support our customers, and continue building on the incredible foundation that has been established. I am inspired by what lies ahead and excited to see what we will accomplish together.
— Jason Mullins, President & CEO
We can’t wait to see what we achieve in 2025, both for our valued customers and team members.
Stay up to date on our progress here!
All content and statistics are accurate as of December 31, 2024.