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NORTH AMERICA
LAUNCH OF NEW TOOL CONNECTING BUSINESS OWNERS WITH TRUSTED LENDERS IN CALIFORNIA
California Small Business Loan Match , a new lender match tool for business owners to discover vital funding options , has launched in California . A one-stop solution that is free and easy to navigate , caloanmatch . org brings together more than 20 lenders across the state that are considered responsible and non-predatory . The goal is to empower entrepreneurs , particularly those who are socially and economically disadvantaged , through responsible lending that is backed by the State of California .
“ We are thrilled to launch California Small Business Loan Match and connect California small business owners with pre-vetted lenders and loans they can trust ,” said IBank Executive Director , Scott Wu . “ All
of these lenders use IBank ’ s Small Business Loan Guarantee Programme which reduces lenders ’ risk in loaning to small businesses that may struggle to access capital . The programme has successfully supported more than US $ 2 billion in loans to small businesses across the state since 2013 .”
Powered by California ’ s IBank , a state government agency that manages the Small Business Loan Guarantee Programme through their Small Business Finance Centre , the new tool features lenders that are Community Development Financial Institutions ( CDFIs ). CDFIs are preferred by the small business community because they help borrowers who don ’ t meet the more rigid lending criteria of traditional
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ALL OF THESE LENDERS USE IBANK ’ S SMALL BUSINESS LOAN GUARANTEE PROGRAMME WHICH REDUCES LENDERS ’ RISK IN LOANING TO SMALL BUSINESSES THAT MAY STRUGGLE TO ACCESS CAPITAL .
banks . For example , small businesses that have a lower credit score or a defaulted loan . CDFIs also help people in lower-income communities and offer a much more flexible and affordable repayment plan .
“ Our lenders on California Small Business Loan Match are ideal for business owners who have been turned away from traditional banks or who faced hardships that they ’ re still recovering from ,” said Megan Hodapp , IBank ’ s Small Business Finance Centre Manager . “ With this tool , we will help small business owners avoid predatory lenders and feel supported throughout the entire process .”
As a no-cost , one-stop solution , caloanmatch . org is easy to use and navigate . First , business owners fill out a short pre-application questionnaire that takes minutes to complete . Next , the site will match the owner with lenders that fit their needs . Business owners can view details about each lender and select the one they like best . The lender will reach out within three business days to complete the application process .
The launch of California Small Business Loan Match is supported by the Initiative for Inclusive Entrepreneurship ( IIE ) in partnership with Next Street and Community Reinvestment Fund , USA ( CRF ).
IIE brings together public , private and philanthropic entities to maximise and build upon the US Department of Treasury ’ s US $ 10 billion State Small Business Credit Initiative ( SSBCI ) by expanding innovative products for small business owners of colour , breaking down systemic barriers and ultimately unlocking billions of dollars in federal investments aimed at underserved small businesses . �
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