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Monday, June 22, 2015

$110 Million in Funding Available to Small Businesses -- And It's Not From a Bank!

$110 Million in Funding Available to Small Business -- And It's Not From a Bank!
There is a new source for lending to small business owners, and the movement is growing. Bond Street, a non-bank lender located in New York, just announced $110 million now available for small business lending. The increase in non-bank lenders like Bond Street is filling voids where traditional banking sources have failed.

How non-bank lenders work

The big benefit in working with non-bank lenders is that their business works to bring together small business owners with venture capitalists and financial service professionals, creating much greater access to capital for small businesses. Through their partnerships, they are able to find affordable financing so small businesses can grow.

The new $110 million in funding was made possible through Bond Street venture capital firm Spark Capital and investment bank Jefferies. Most of the funds will make it possible to provide more loans to small businesses. Some of the money will also be invested in the company's technology. Technology is an important factor that enables Bond Street to easily analyze a small business's financial status, obtain credit information on the company, and make a decision within 48 hours.

Meeting small business needs

Bond Street joins other non-bank lenders such as OnDeck, Kabbage, Funding Circle, CAN Capital and others in meeting the demand for capital by small businesses. States Bond Street CEO David Haber, “At the end of the day, the small business is getting a loan from Bond Street. Whether that’s funded by 15 individuals or five institutions, I don’t think it matters as long as the customer is getting a great experience and a great rate.”

Read more by visiting www.forbes.com/sites/laurashin/2015/06/18/6616/
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