Online Lending Platform’s Lending-as-a-Service Program Expands Non-Profit Community Development Finance Institution’s Equitable Lending Reach and Impact
DENVER–(BUSINESS WIRE)–Funding Circle, one of the nation’s leading online small business lending platforms, and DreamSpring, a non-profit Community Development Financial Institution (CDFI) with nearly 30 years of experience in community lending, has launched a new partnership to increase access to finance for small business owners in underserved communities Across the country. The new partnership aligns with both organizations’ shared commitment to advancing entrepreneurship and innovation by providing equitable access to capital for small businesses.
Through this loan-as-a-service program, DreamSpring will be able to expand its distribution and impact across the country and issue more loans faster and at a lower cost, while ensuring a seamless experience for customers. . DreamSpring small business customers who apply through the co-branded app portal will receive one-on-one support from a dedicated Funding Circle Account Manager, an approval decision within hours, and access to funds in as little as 48 hours.
“We are excited to offer financial institutions our customizable end-to-end lending platform and technology that we have spent the past 12 years developing,” said Angus Sanders, chief revenue officer of Funding Circle US. “We look forward to seeing the positive impact of our partnership with DreamSpring on communities across the country, especially those that are underserved.”
“At DreamSpring, we lend at the intersection of mission, technology and heart. Our relationship with Funding Circle will be transformational, enabling entrepreneurs to quickly access the financing needed to create jobs and grow businesses. small businesses,” said Francisco Lopez, chief operations and innovation officer at DreamSpring. “Together, we’ll provide the flexibility and resources small business owners need to navigate today’s changing economic climate.”
Funding Circle is committed to helping small businesses get the financing they need to thrive by working closely with financial institutions – including national, regional and community banks and community development financial institutions (CDFIs) – to achieve this mission, recently launched a small business lending program -partnership as a service with pitney-bowes. A study published by the Philadelphia Federal Reserve This year, Funding Circle was able to expand access to credit to underserved small business owners who are unlikely to receive financing from traditional lenders, at a lower cost to borrowers. The study also noted that Funding Circle’s partnerships with community institutions have enabled these banks to reach new customers during the pandemic.
About the Funding Circle:
Funding Circle (LSE: FCH) is a lending platform for small and medium-sized enterprises (“SMEs”). Since its launch in 2010, investors and lenders from all Funding Circle geographies – including banks, specialty finance companies, asset management companies, insurance companies, entities and funds government-backed – have provided approximately $18 billion to more than 120,000 businesses worldwide.
DreamSpring is a nonprofit community lender dedicated to eliminating systemic inequalities in wealth and accelerating economic inclusion and strength in underserved communities. Founded in 1994, the organization, which operates in 19 states, provides quick access to capital and personalized global support to the most vulnerable small business owners, focusing on communities, including people of color, women , people with low to moderate incomes, people with disabilities and start-ups. To date, DreamSpring has issued more than 42,000 loans totaling more than $465 million to small businesses supporting approximately 72,000 jobs. Learn more about DreamSpring.org.
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