Fortun Advance Reports Substantial Growth in Business Funding Operations

Luminar Media Group, Inc. (OTC MARKETS: LRGR), a fintech company focusing on capital and financial services for Hispanic-owned businesses in the United States, has reported remarkable growth in its Business Advance operations through its subsidiary, Fortun Advance. The company has seen a 245% surge in business advances since June 2024, marking a significant milestone in its expansion efforts.

As of August 23rd, 2024, Fortun Advance's total assets have grown to $1,209,237.39, comprising $457,864.56 in cash and $751,372.83 in accounts receivable. This growth comes after LRGR's strategic acquisition of FortunCo and Fortun Advance in May 2024, transitioning the company into the finance sector.

Despite only 20 days of operation under the new business model in June, Fortun quickly demonstrated its potential. By the end of June 2024, LRGR reported $74,900 in business fundings, resulting in gross receivables of $111,601 and generating $21,104 in commission and fee income revenue.

July 2024 saw a dramatic increase in performance, with Fortun Advance funding $258,700, adding $385,463 in gross receivables, and generating $77,540 in commission and fee income revenue. This represents a 245% increase compared to June's figures.

The growth trend continued into August, with $271,000 funded as of August 23rd, leading to additional gross receivables of $403,790 and $70,824 in commission and fee income. The company is on track to meet its projection of $350,000 in total funding for August, which would mark a 35% increase compared to July.

To support this rapid growth, Fortun Advance has expanded its team, adding 11 new members in August and bringing the total staff dedicated to funding operations to 25. This strategic expansion aims to enhance operational efficiency and sustain the company's growth trajectory.

Looking ahead to September 2024, with the newly expanded team fully operational, Fortun Advance projects funding an additional $500,000. This is expected to generate additional gross receivables of $745,000 and approximately $130,000 in gross fee and commission-based revenue for the month.

The company has achieved several key milestones, including doubling its staff, experiencing substantial month-over-month growth, and closing over 100 transactions. As of August 23rd, Fortun Advance has funded $604,600 since its inception in June 2024, with projections indicating that by the end of the third quarter, the company will have provided $1,108,693 in total revenue-based funding to small businesses.

Fortun Advance's funding activities have extended across several states, including Florida, Georgia, Texas, North Carolina, Pennsylvania, Nebraska, Delaware, and New Jersey. Notably, Florida accounted for 82.4% of the total funding, highlighting the company's strong regional presence and potential for nationwide expansion.

To further bolster its growth, Fortun Advance has secured an additional $1 million funding commitment, scheduled for deployment beginning in September. This influx of capital is expected to significantly expand the company's overall portfolio and strengthen its market position.

The rapid growth and expansion of Fortun Advance reflect the increasing demand for financial services tailored to Hispanic-owned and minority-owned businesses in the United States. As the company continues to scale its operations and extend its reach, it is poised to play a significant role in driving economic growth within underserved communities.

For more information about Fortun Advance and its services, interested parties can visit www.FortunCo.com.