California Small Business Loan Match makes it easy for entrepreneurs to find loans from responsible lenders for free.
Sacramento, California, April 24, 2024–(BUSINESS WIRE)–California Small Business Loan Match, a new lender matching tool to help business owners find important financing options, launched today in California. A free, easy-to-navigate, one-stop solution, caloanmatch.org brings together over 20 lenders in the state that are considered responsible and non-predatory. The goal is to empower entrepreneurs, especially those who are socially and economically disadvantaged, through responsible lending supported by the state of California.
“We are excited to launch California Small Business Loan Match to connect California small business owners with pre-screened lenders and loans they can trust,” said Scott Wu, Executive Director of IBank. “All of these lenders take advantage of IBank’s Small Business Loan Guarantee Program, which reduces risk for lenders in lending to small and medium-sized businesses that have difficulty accessing capital. , which has supported over $2 billion in loans to small businesses across the state.”
Sponsored by IBank, the California state agency that administers the Small Business Loan Guarantee Program through the Small Business Finance Center, this new tool features lenders who are Community Development Financial Institutions (CDFIs). CDFIs are favored by the small business community because they assist borrowers who don’t meet the more stringent lending standards of traditional banks. For example, small businesses with low credit scores or loan defaults. CDFIs also help people in low-income areas and offer more flexible and affordable repayment plans.
“Our lenders at California Small Business Loan Match are ideal for business owners who have been turned down by traditional banks or who have faced hardship and are still getting back on their feet,” said Megan Hodapp, IBank Small Business Finance Center Manager. ” he said. “This tool allows small business owners to avoid predatory lenders and feel supported throughout the process.”
A free, one-stop solution, caloanmatch.org is easy to use and navigate. First, business owners fill out a short pre-application questionnaire that takes only a few minutes. The site then matches owners with lenders that fit their needs. Business owners can view the details of each financial institution and select the one they like the most. The lender will contact you within 3 business days to complete the application process.
The launch of the California Small Business Loan Match is supported by Inclusive Entrepreneurship (IIE) in partnership with Next Street and Community Reinvestment Fund, USA (CRF).
IIE will unlock $10 billion in U.S. Treasury funding by expanding innovative products for small business owners of color, breaking down systemic barriers, and ultimately unlocking billions of dollars in capital. Bringing together public, private, and philanthropic organizations to maximize and build the State Small Business Credit Initiative (SSBCI). A matching federal investment for underserved small businesses.
“As part of our Inclusive Entrepreneurship Initiative (IIE), we identified California as a key market for this type of innovative loan matching solution,” said NextStreet Co-CEO Samantha・Mr. Berg said. “We are proud to help design and develop a go-to-market solution that supports the California Small Business Loan Match, which also connects underserved small businesses with the right resources and retains them. I look forward to supporting their growth.”
California Small Business Loan Match uses CRF Connect technology. It’s a cloud-based solution that seamlessly connects small business owners and mission-driven organizations to obtain financing, technical assistance, grants, and other resources.
“CRF aims to work with other companies to reduce access to capital barriers and streamline the process for entrepreneurs to find capital and other resources,” said Patrick Davis, CRF’s SVP of Platform and Technology Services. said. “California Small Business Loan Match, integrated with CRF Connect technology, demonstrates our commitment to collaboration and provides an impactful tool to collectively support thousands of entrepreneurs across the state. It will be.”
California-based small business owners are invited to register for a number of free educational webinars covering loan preparation in preparation for pre-application and experience with the California Small Business Loan Match. Register at caloanmatch.org.
Launch video: https://vimeo.com/938378026/752c4413f7?share=copy
About eye bank
Founded in 1994, the California Infrastructure and Economic Development Bank (IBank) is a state government agency that is part of the Governor’s Office of Business and Economic Development. IBank funds public infrastructure and private development that promotes a healthy environment for jobs, contributes to a strong economy, and improves the quality of life in California communities.
About IBank’s Small Business Loan Guarantee Program
The Small Business Loan Guarantee Program is dedicated to bridging the gap between responsible lenders and small businesses. Although IBank does not provide direct loans, it works with nonprofit organizations and small business financial institutions to provide small business loan guarantees. By guaranteeing loans, IBank gives lenders the confidence they need when issuing loans to small and medium-sized businesses facing financing challenges. The program is supported by the federal government’s State Small Business Credit Initiative (SSBCI), which recently allocated $1.2 billion to California to assist small businesses seeking loans.
About the Inclusive Entrepreneurship Initiative: Next Street and Community Reinvestment Fund, USA (CRF)
Next Street and CRF are innovative partners working on behalf of Inclusive Entrepreneurship (IIE). Announced by Vice President Kamala Harris in 2021, IIE is a national effort to expand access to capital for small businesses owned by people of color. Next Street is a mission-driven, for-profit company building connected infrastructure for America’s small and medium-sized businesses, which have been systematically suppressed. CRF is the first-ever single online network that helps mission-driven lenders streamline demand, reach small business owners looking to grow their businesses and energize their communities. Power your Connect.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240424514452/en/
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