Fintech lending platform Credibly now offers extended-term loans, the company announced.
Business Expansion Loans offer rates between 9.99 and 36 percent, terms between 18 and 24 months, and amounts between $10,000 and $250,000. Several different payment options are also available, the company said in a release.
“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,” Credibly CEO Glenn Goldman said. “This is unique and differentiated compared to other lenders who only serve one limited segment and cannot support the small business throughout its life.”
A low cost of capital will pay dividends in several ways, Mr. Goldman added.
“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. 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.”
Credibly has facilitated more than $250 million in loans to more than 6,000 businesses in more than 300 industries.
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