Funding Circle is now operational in all 50 states and Washington, DC
Funding Circle, the leading online platform for small business loans, today announced that it is now operational in Nevada, enabling it to provide the state’s more than 280,000 small businesses with much-needed access to capital. With live operations in Nevada, Funding Circle now offers business loans in all 50 states and Washington, D.C.
In Nevada, obtaining capital financing has always been very difficult for small businesses. According to Nevada Small Business Development Center (SBDC) 2022 Small Business Challenges Survey, obtaining financing is one of the biggest hurdles facing small businesses in Nevada. Nearly 60% of survey respondents said it was difficult to obtain debt and capital to finance their business.
“Securing funding has been especially difficult for small business owners in Nevada, who continue to face post-Covid challenges and economic uncertainty,” said Ryan Metcalf, Head of Public Policy and Social Impact at Funding Circle US. “With Funding Circle now offering financing to small businesses in Nevada, business owners across the state have new access to faster, lower-cost capital from a responsible, state-licensed, and regulated lender. , which will allow them to grow and grow their businesses and create jobs in the state.”
“It’s a win-win situation for residents and small business owners. Businesses will have better access to capital than ever before, and residents will have a say in what happens in their neighborhoods,” said declared Nevada State Senator Pat Spearman (D-1)a sponsor of NV SB161legislation that allowed online lenders to offer financing to state-owned businesses.
The announcement follows the release of to research conducted by the Bank for International Settlements (BIS) and the Federal Reserve Bank of Philadelphia that analyzed proprietary loan-level data from two fintech small business lending platforms, one of which was Funding Circle. The study found that Funding Circle increases access to capital at lower cost for borrowers who are less likely to receive credit from traditional banks and predicts future loan performance more accurately than the conventional credit scoring method. , leading to better loan performance.
About the Funding Circle
Funding Circle (LSE: FCH) is the leading online lending platform for small business borrowers. Since 2010, Funding Circle has generated $4.1 billion for 40,000 small businesses in the United States and $19.4 billion for 130,000 worldwide.
For small businesses, Funding Circle delivers cutting-edge customer experience, through its technology, machine learning, and data science, combined with a human touch. Its solutions continue to help clients access the financing they need to succeed.
For institutional investorsFunding Circle provides access to an alternative asset class in an underserved market and offers strong and attractive returns.
For financial institutions, Funding Circle provides an end-to-end digital solution loan solution as a service enabling faster and cheaper financing for their small business customers.