Lending Club (NYSE: LC), an online marketplace connecting borrowers and investors, announced on Wednesday (January 7th) the launch of a partnership with the U.S. Women’s Chamber of Commerce (USWCC) to help women business owners access affordable credit. At Women’s Business Loans, women business owners can apply online in minutes, instantly review offers for loans through Lending Club, and receive funding in as little as a few days.
Founder and CEO of Lending Club, Renaud Laplanche stated, “Partnering with the U.S. Women’s Chamber of Commerce allows us to provide a better solution to women business owners seeking affordable credit who are not being offered a quick and convenient solution from traditional lenders today.We’re excited to expand our offerings and be a driving force in supporting the women-owned small business economy.”
Lending Club and the USWCC share a commitment to helping women-owned businesses overcome the challenges of getting access to capital. According to the USWCC, in 2013 women owned nearly 30% of all U.S. firms yet accounted for only 13% of the dollars loaned with backing from the Small Business Administration.
CEO of U.S. Women’s Chamber of Commerce, Margot Dorfman noted,“The U.S. Women’s Chamber of Commerce is excited to step into the small business lending arena to help break the log jam of failed opportunity.Too many women-owned firms have failed to realize their full potential due to lending models that simply don’t work well for small business owners. We are thrilled to partner with Lending Club to provide women with better access to capital.”
Lending Club’s marketplace provides access to low-cost term loans with interest rates starting at 5.9% for borrowers with excellent credit. Additionally, businesses that apply through Women’s Business Loans and obtain a loan facilitated by Lending Club will receive a $250 “Cash in your pocket” reward funded by the USWCC.