Direct lender, Credibly, announced on Monday that it has unveiled its first extended-term business expansion loan offering. The product reportedly features rates ranging from 9.99% to 36%, terms of 18 and 24 months, with multiple payment options.
While sharing details about the offering, Glenn Goldman, CEO of Credibly, stated:
“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. This is unique and differentiated compared to other lenders who only serve one limited segment and cannot support the small business throughout its life. The Business Expansion Loan further empowers our partners, who also serve small businesses, to satisfy the needs of all their customers, with a simple and intuitive user experience, in a single relationship with Credibly.”
According to Credibly, the Business Expansion Loan may be approved and accessed within a 24 hours period and will be available in amounts ranging from $10,000 to $250,000 for small businesses that have been operating six months and more. 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.”