First Foods Funding invests in short-term merchant cash advances that have been producing immediate high rates of return on capital. The Funding Division continues to achieve rapid growth through the reinvestment of its profits while attracting substantial new funds from outside investors.
On October 19, 2017, the First Foods Funding Division was launched with FIFG's Board directing $100,000 of Company funds into the burgeoning merchant advance industry. Five short months later, the Company has more than doubled the number of merchants in its portfolio to 42 and more than tripled the funds deployed to $371,000. Within the first 100 days, the original $100,000 deployed by the Company was completely paid back, earning an impressive 45% gross return and 34% net return after deferred commissions. In fact, the Company’s most significant merchant paid $89,000 on its $60,000 advance in only 15 weeks for a gross return of 48% and a net return of 43%. The Company’s merchant advance business was evaluated as part of the Company’s annual financial statement audit; the results of which have been disclosed in the Company’s recently filed 10k.
CFO Mark Keeley is the head of First Foods Funding and personally supplied all the start-up capital for this Division. Mark will be continually directing the purchase of additional advances and will be overseeing the raise-up of significant new funds for the Company using this model. Mr. Keeley asserts, “This short-term payback provides the financial flexibility that keeps the Company nimble and able to quickly respond to promising business opportunities.”