Online SMB lending platform The Credit Junction is making $100 million in loans available to small business members of the Houston Minority Supplier Development Council (HMSDC), a nonprofit organization focusing on businesses owned by people from minority groups.
More than 700 small business owners are HMSDC members. The funding is welcome as traditional funding institutions, due to compliance issues, small margins, and other factors, chase bigger game.
“This collaborative, multi-faceted strategic partnership will benefit both local businesses as well as the region at large, furthering The Credit Junction’s commitment to offering SMBs a financing alternative,” said The Credit Junction Chief Strategy Officer Sergio Rodriguera. “As part of that mission, we will continue to build even more regional relationships to further facilitate the flow of credit to the small businesses that fuel our nation’s economy.”
HMSDC Director of Development and Consulting Services Robert Gonzalez said that while Houston is booming, some businesses are better positioned to tap into that growth than others.
“Houston is a growing, thriving city, thanks in many ways to a diverse number of industrial, oil and gas and health care businesses. Traditional sources of capital have often fallen short in supplying the needs of small businesses, particularly when it comes to minority-owned businesses. Our partnership with The Credit Junction helps to ensure that our small business community receives the opportunity to access the capital essential to develop and thrive as leaders.”
The Credit Junction provides up to $5 million of working capital and supply chain financing to small and medium-sized businesses.