Dealstruck, an online direct lender, announced on Wednesday the completion of over $100 million in loans to small and medium-sized businesses (SMBs) nationally.
Since inception, in October 2013, the firm has been committed to providing fast-growing and profitable SMBs with flexible, affordable and transparent financing. As part of its mission to help borrowers attain bankability, Dealstruck has approved over 750 credit solutions, including 521 term loans and 270 lines of credit.
, co-founder and CEO of Dealstruck, stated:
“Our breadth of flexible financing options have helped support our rapid growth, and we look forward to continuing our efforts to match small businesses with the growth capital they need for success. Above all, we’re most proud of our commitment to maintaining a thorough underwriting and risk management process even as we expand the volume of our loans.”
The 750th lending solution granted by Dealstruck was for Offbeat Ventures (Vinyl Me, Please), a Chicago-based record of the month club that currently serves more than 10,000 members across more than 40 countries worldwide. During the underwriting process, Dealstruck identified Offbeat Ventures as a prime example of a small business with a loyal customer base and promising growth model that was having difficulty accessing appropriate financing. The company founders turned to Dealstruck for a $100,000 line of credit in order to pay for future inventory and free up operating capital to invest in the business today.
Matt Fiedler, CEO of Offbeat Ventures/ Vinyl Me, Please , shared:
“Dealstruck has been a pleasure to have as a lending partner. I can tell they care about me and my company and they genuinely want to see us succeed — something you’re not likely to get with any major bank or lender. In just a short time, they’ve helped us grow our business tremendously and we’re excited about a long-term partnership.”
Dealstruck has been growing at an accelerated rate since its launch. The firm announced that it had crossed the $50 million lending milestone in April 2015, a figure that has doubled in less than seven months. Since that time, the company has continued to develop partnerships to bolster the flow of SMB applicants, such as the strategic partnership with non-profit lender VEDC in September.