Every day, 8,000 small businesses across the country seek credit and are denied.
Access to credit has long been a challenge for small businesses, often a chicken and egg scenario where owners need capital to grow, but can’t get the loan they need until they’ve grown. And, while access to capital has a key role in fueling economic mobility, job creation and the health of the middle class, traditional banks aren’t meeting small business’ needs, especially as it relates to minority communities and women entrepreneurs.
To help, we’ve expanded our partnership with Opportunity Fund, combining the best of high-tech and nonprofit lending, to provide underserved small businesses the loans they need to flourish. LendingClub brings the technology to make applying simple and give business owners an immediate approval, without all of the traditional bank hassle. Opportunity Fund brings their nonprofit expertise in working hand-in-hand with businesses owners to help them succeed. Now, small business owners living in California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas, and Washington will have access to affordable credit.
Already this partnership has helped many entrepreneurs access capital and by 2020 Opportunity Fund plans to invest $400 million in over 10,000 small businesses.
We’re excited to see so many people take advantage of this opportunity and want to share an early customer story that gave one entrepreneur hope as he continues to finance his dreams.
Dynamite Pest Control
Rich Foreman owns Dynamite Pest Control, a second generation family-run business. Founded in 1969, this Philadelphia-based small business has provided pest control solutions to homes, schools, restaurants and commercial properties in the tri-state area.
Rich borrowed $20,000 though the LendingClub/Opportunity Fund partnership to purchase new equipment as his business grows.
Dynamite Pest Control is one of the first businesses funded through this partnership’s geographic expansion outside of California.
Visit our small business loan homepage to see how LendingClub can help.
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from LendingClub Blog http://blog.lendingclub.com/expanding-access-to-credit-one-small-business-at-a-time/