LendingClub Expands Partnership With Opportunity Fund to Provide Underserved Small Businesses With Access to More Loans

Earlier this month, leading peer-to-peer lender Lending Club announced it has expanded its partnership with Opportunity Fund to provide underserved small businesses with access to loans they need in order to grow. Lending Club revealed:

“Access to credit has long been a challenge for small businesses, often a chicken and egg scenario where owners need capital to grow, but can’t get the loan they need until they’ve grown. And, while access to capital has a key role in fueling economic mobility, job creation and the health of the middle class, traditional banks aren’t meeting small business’ needs, especially as it relates to minority communities and women entrepreneurs. LendingClub brings the technology to make applying simple and give business owners an immediate approval, without all of the traditional bank hassle. Opportunity Fund brings their nonprofit expertise in working hand-in-hand with businesses owners to help them succeed. Now, small business owners living in California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas, and Washington will have access to affordable credit.”

Lending Club also noted that the partnership between it and Opportunity Fund, which was started in 2015, has already helped many entrepreneurs gain access to capital and by 2020, Opportunity Fund plans to invest $400 million into more than 10,000 small businesses. The online lender went on to add:

We’re excited to see so many people take advantage of this opportunity and want to share an early customer story that gave one entrepreneur hope as he continues to finance his dreams.

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