Network of Community Banks Delivers More Capital to Small Businesses
DENVER–(BUSINESS WIRE)–Funding Circle, one of the leading online small business loans platforms in the U.S., launched a new program for BancAlliance, a network of over 325 community banks, where participating members can purchase a diversified pool of interests in small business loans originated through Funding Circle’s platform. This innovative program opens an efficient and cost-effective way for the community bank members of BancAlliance to invest capital in Main Street businesses.
“Funding Circle is delighted to launch this program for the BancAlliance network. Leveraging our world-class tech capabilities and small business underwriting expertise to work with traditional financial institutions, namely local and regional banks, is central to our commitment to finding the best ways to meet the funding needs of small businesses,” said Vipul Chhabra, Managing Director of Funding Circle US.
“We are excited to launch our Funding Circle loan program and look forward to offering our member banks the opportunity to purchase a diversified portfolio of small business loans, underscoring the BancAlliance network’s commitment to expanding access to working capital to small businesses. Community banks have long been powerful supporters of small businesses, and this program with Funding Circle will provide members new ways to grow that core value of community banking,” said Lori Bettinger, President of BancAlliance.
Local and regional banks are welcome to join a webinar hosted by BancAlliance on June 6, 2022, to learn more about delivering critical capital to small businesses through Funding Circle’s platform.
About Funding Circle:
Funding Circle (LSE: FCH) is a small and medium enterprise (“SME”) loans platform. Since launching in 2010, investors and lenders across Funding Circle’s geographies – including banks, specialty finance companies, asset management companies, insurance companies, government-backed entities and funds – have lent approximately $18 billion to over c.120,000 businesses globally.
BancAlliance provides community banks with efficient access to lending services available only through membership. BancAlliance has over 325 member banks located across the country. Our mission is to enable our members, the banks that direct our activities, to prudently diversify into high-quality loans in a manner consistent with the highest commercial and regulatory standards – without changing the nature or mission of the traditional community bank. Learn more at www.bancalliance.com.
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