Small businesses have never had more convenient access to capital. From startup funding to working capital to long term SBA loans, the number of companies offering online business loans has grown tremendously over the past few years. Applications are a snap, and approvals are made in record time. Plus, the costs of many online small business loans are competitive with traditional lenders.
"At a time when platforms like Able are finding it very hard to get their raw material, Able is swimming against the stream," Davis said. "We're kind of the shooting star that's sticking out in this market."
Amidst a slackening in investor interest in alternative online loans, Austin-based Able Lending announces Tuesday that it has received $100 million to fund its online small business loans from Community Investment Management, the first impact investment firm focused on marketplace lending.
Financial services firm’s forte is large, low-interest loans to small business.
Able Lending, a fintech startup headquartered in Austin, has announced $5 million dollars in funding available to Michigan based startups and small businesses.
In partnership with The Michigan Small Business Development Center, Austin, Texas-based Able Lending, an online lending platform for small businesses, is committing $5 million to fund Michigan businesses, particularly startup enterprises and budding entrepreneurs.
Able Lending Inc., a national low-cost alternative lender to small businesses, announced on Monday a $5 million commitment to an estimated 20 small businesses in Dallas-Fort Worth.
After a successful pilot in Dallas, an Austin-based online loan lender, that bases its rates on crowdfunding efforts, has committed $5 million for investment in Dallas-area startups.
Small and untested even by the standards of this nascent sector, upstarts such as Able shine a light on the opportunities and challenges facing fintech companies which say they are filling the void left by a retreating banking sector.
Small businesses are risky, says Mr Davis, “but if we can share risk with friends and family, we can get a senior lender to come in and lend at a lower rate”. The key is financial engineering rather than nifty algorithms, he adds. “If anyone tells you that technology drives low interest rates they’re lying to you. It’s not magic, it’s simply structure.”