NEW YORK--(BUSINESS WIRE)--On the heels of an industry leading $70 million credit facility led by SunTrust Bank, Credibly, a fintech and data-driven online lending platform, announces access to its first extended-term loan offering. Coined a Business Expansion Loan, the product features rates ranging from 9.99% to 36%, terms of 18 and 24 months, and multiple payment options.
“With the launch of the Business Expansion Loan, Credibly can address the funding needs of U.S. small business owners across a broad credit spectrum and various life cycle stages,” said Glenn Goldman, CEO of Credibly. "This is unique and differentiated compared to other lenders who only serve one limited segment and cannot support the small business throughout its life. The Business Expansion Loan further empowers our partners, who also serve small businesses, to satisfy the needs of all their customers, with a simple and intuitive user experience, in a single relationship with Credibly.”
The Credibly Business Expansion Loan can be approved and accessed within 24 hours, in amounts ranging from $10,000 to $250,000. The loan addresses the financing needs of small businesses in operation for six months or more, whose needs extend beyond short-term working capital to include longer-term growth capital.
“True to our financing approach of on-balance sheet, whole loan sales and securitization, we’ve partnered with SunTrust Bank and AloStar Bank of Commerce to secure one of the lowest costs of capital in the industry,” continued Goldman. “This empowers us to continue improving our product suite and serve as a consultative partner delivering access to right-sized capital to small businesses across a broad spectrum of credit profiles in the U.S.”
An online lending platform that delivers access to a broad range of short- and long-term capital to satisfy the SMB credit spectrum, Credibly has provided access to over $250 million in funding for more than 6,000 businesses in over 300 industries. In the past year, the company has increased revenue more than 100%, was recognized by Crain’s as one of the 50 fastest growing companies in New York, and made its second consecutive appearance on the Inc. 500 list of the fastest growing private companies in America.
About Credibly
Founded in 2010 and with offices in Michigan, Arizona, Massachusetts, and New York, Credibly is a best-in-class Fintech platform that leverages data science and analytics to improve the speed, cost, and choice of capital available to small businesses in the United States. Credibly’s platform is engineered to deliver its value proposition to small business customers directly, as well as through partners, who are similarly focused on delivering a best in-class user experience for their own small business customers. All loans obtained through Credibly are made by WebBank, a Utah-chartered industrial bank and member of the FDIC. Learn more at www.credibly.com.
