A New Platform To Empower Small Business Lenders
Access Ventures, with the support of the Ewing Marion Kauffman Foundation, is excited to announce the development of a catalytic new platform called Lenderfit. Lenderfit will empower small business lenders to offer character based small business loan products and expedite the collection of essential small business loan documentation. We’ve said it before, and continue to believe, that small business owners are the unsung heroes of every community. Making it easier for lenders to support these heroes with access to strategic growth capital is imperative. Funding for this project is part of the Ewing Marion Kauffman Foundation’s overall effort to remove barriers for entrepreneurs.
Over the past five years Access Ventures has helped hundreds of small businesses access nontraditional capital. These efforts range from a local Growth Loan that eliminates the need for financial collateral and minimum credit scores, to national endeavors which include collaboration on crowdfunding opportunities for 0% interest loans.
Collecting essential information for small business loan approvals is a frustrating and lengthy process. Lenderfit’s innovative design is a reflection of our own lending experience informed by the critical interactions within local small business support ecosystems across the nation. Small businesses are eager for more accessible loan products, while lenders lack a tool that simplifies the process of collecting essential information for approvals. Lenderfit makes it easy for both lenders and small businesses owners to succeed.
How Lenderfit Helps
- Small businesses often lack the collateral and credit requirements to access traditional loan products. Lenderfit empowers lenders to offer a non-collateralized character based loan product.
- Lenders spend a significant amount of time collecting the documentation they need to make final loan approval. By decreasing the time it takes to collect information, Lenderfit is reducing the cost associated with small business lending.
- Transparency is one of the top frustrations of small business owners seeking capital. Lenderfit helps lenders decrease client frustration with shared checklists, guidance, and automation.
Lenderfit development is currently underway, and is scheduled to go live with lenders in Kansas City, MO and Louisville, KY in April and May of 2019 respectively. Access Ventures is in the process of identifying a third focus community for June of 2019. Lenders who are interested in participating can find out more information by visiting www.lenderfit.io.
About Access Ventures: Access Ventures is catalyst building a more creative and inclusive economy by changing the way the world invests. Access Ventures exists to open doors that would otherwise be closed. By offering one-pocket investment opportunities and inviting entrepreneurs, creators and investors to share in an active and vibrant vision for their communities, we are all enriched as we build something together. We’re creating a world we all want to live in.
