Small and medium-sized businesses (SMBs) are the backbone of the economy, driving job creation and economic growth. However, these businesses often struggle to secure the financing they need to grow and thrive. In recent years, online lending platforms like Funding Circle and LendingTree have emerged as an alternative to traditional bank loans, providing easier and more accessible financing solutions to SMBs. Now, the two companies have joined forces to make it even easier for SMBs to access the funding they need.
Funding Circle, the leading online platform for small business loans, has partnered with LendingTree, one of the nation’s largest online lending marketplaces, to offer LendingTree business customers access to fast, affordable financing from Funding Circle. By offering Funding Circle’s term loan product in LendingTree’s online marketplace, businesses will have access to even more flexible financing solutions, including Funding Circle’s six-month to seven-year term loans of up to $500,000 that fund in as quickly as 48 hours after application submission.
Improving Access to Financing for SMBs
This partnership between Funding Circle and LendingTree is expected to increase access to capital for SMBs, particularly those who are less likely to receive credit from traditional banks. A recent report by the Bank for International Settlements (BIS) and the Federal Reserve Bank of Philadelphia found that Funding Circle is “increasing access to capital at a lower cost for small businesses who are less likely to receive credit from traditional banks…” and “predicting future loan performance more accurately than the conventional method to credit scoring, leading to better loan performance.” By partnering with LendingTree, Funding Circle hopes to reach even more SMBs and provide them with the funding they need to grow and succeed.
Flexible Financing Solutions for SMBs
One of the main benefits of online lending platforms like Funding Circle and LendingTree is the flexibility they offer when it comes to financing solutions. Traditional bank loans can be difficult to obtain and come with rigid repayment schedules, making it difficult for SMBs to manage their cash flow. Online lending platforms, on the other hand, offer more flexible repayment terms and can often provide funding in a matter of days, rather than weeks or months.
With Funding Circle’s term loan product now available on LendingTree’s online marketplace, SMBs will have access to even more flexible financing solutions. Funding Circle’s loans range from $25,000 to $500,000, with terms ranging from six months to seven years. The application process is quick and easy, and funds can be disbursed in as little as 48 hours after submission.
A Win-Win Partnership
The partnership between Funding Circle and LendingTree is a win-win for both companies. For Funding Circle, the partnership provides access to a broader customer base, enabling the company to reach even more SMBs and provide them with the funding they need to grow and succeed. For LendingTree, the partnership adds another top-tier lending partner to its online marketplace, providing its business customers with even more financing options to choose from.
“We are delighted to partner with LendingTree to provide their business customers fast and affordable financing,” said Kristal Bergfield, Head of Strategic Partnerships at Funding Circle US. “Funding Circle is dedicated to getting small business the funding they need to win by partnering with like-minded marketplaces like LendingTree, as well as other commercial loan brokers, financial institutions and companies that provide software and services to small businesses.”
Conclusion
The partnership between Funding Circle and LendingTree is a testament to the growing importance of online lending platforms in the SMB lending space. As more and more SMBs turn to online lenders for their financing needs, partnerships like this one will become increasingly common. By working together
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