StartEngine, a leading investment crowdfunding platform, has filed another Form 1-A indicating its intent to list a Reg A+ offering labeled StartEngine Loans Fund I LLC.
The loan fund is described in the offering circular as follows:
“StartEngine Loan Fund I LLC’s mission is to provide funding primarily to small businesses in order to help those businesses realize their potential, and, in the process, provide returns for our investors. We are a newly-formed company that plans, through its series, to originate, service, acquire and maintain loans of a number of different types to a variety of businesses, provided the amount and nature of such activities does not cause us to lose our exemption from regulations as an investment company pursuant to the Investment Company Act of 1940 (the “40 Act”).
As a series limited liability company, loans will be made, and title to such loans will be held, by the series of our company, as applicable. We intend that each series of interests will originate, service, acquire and maintain loans at the series level. The first series of our company is Series Farm, which will engage in asset-backed lending to farming operations. New series will be formed, and shares of that series will be issued, for other types of lending to businesses of other types that we may engage in at some point in the future.
We plan to democratize lending. We have and are gathering a team of individuals with knowledge and experience needed to select candidates for loans, and to actively manage loans made to businesses. Further, we will be utilizing the platform of our parent company, StartEngine Crowdfunding, Inc., to post our offerings under Regulation A to every day investors. Investing in our series will give investors access to lending in a variety of forms to a variety of company types (initially, farming operations through Series Farm). The first series of our company is Series Farm. See “The Company’s Business” for more information on our business and plan of operations.”
Series Farm plans to issue loans to borrowers secured by the borrower’s assets.
The asset manager for the fund will be Harvest Returns, a crowdfunding platform targeting the agriculture sector.
The maximum offering amount for the fund is $5,000,000 representing 500,000 shares. The minimum investment in shares of Series Farm is $500, or 50 shares.
You can expect to soon see additional business sectors added to the Reg A+ offering that is yet to be qualified by the SEC.
Last week, CI reported that StartEngine filed for a Reg A+ offering for collectibles starting with wine and music.
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