Opportunity Fund is partnering with Lending Club to serve more entrepreneurs across the U.S. Learn more about the partnership, where we’re expanding, and our new model that combines the best of online and traditional community lending to serve more small business owners than ever.
Opportunity Fund is expanding its partnership with Lending Club to serve more entrepreneurs in more states across the U.S. Learn more about the partnership, where we’re expanding, and how our two organizations will provide more lending solutions than ever for small business owners.
Opportunity Development Beyond California
Opportunity Fund’s fast, easy-to-get, and affordable small business loans have helped California-based entrepreneurs for over 20 years. Through our partnership with Lending Club, we’re expanding to serve small business owners in 25 more states by the end of 2017.
In partnership with Lending Club, we are offering loans immediately in the first 12 states with the highest concentration of small business owners:
Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas, and Washington.
Loans are available up to $100,000 with an average 18-20% APR.
In the fall of 2017, we will begin offering loans in next 13 states and the District of Columbia:
Arizona, Arkansas, Washington DC, Indiana, Louisiana, Maryland, Maine, Minnesota, Montana, Nevada, Tennessee, Virginia, West Virginia, and Wisconsin.
This expansion comes at a time when Opportunity Fund is also deepening our impact within California. Over the coming years, Opportunity Fund will add lending staff in new regions of the state (Fresno, Sacramento, and San Diego), and continue to reach more California borrowers online, in partnership with Lending Club.
Making Lending Work for Small Business
We’re expanding our partnership with Lending Club to continuously improve the small business borrower experience by delivering the best loan possible and serving a greater number of small businesses across the U.S..
Lending Club’s technology as a fintech leader will support our focus on underrepresented entrepreneurs. Together, we’ll be able to help more businesses that traditional lenders typically don’t serve.
We’re combining the strengths of marketplace lending and the Community Development Financial Institution (CDFI) model to expand access to capital for small businesses that neither organization could adequately serve on its own. In our complementary relationship, Lending Club contributes its technology, enabling almost instant pre-qualification for eligible applicants, to provide applicants a fast, simple, responsive customer experience.
Lending Club also brings us the broad reach into its applicant base and marketing. Opportunity Fund brings expertise in underwriting and servicing loans to borrowers who are underserved by traditional financing. The borrower gets a combined high-tech and high-touch experience and a loan that is best suited for their business.
We Believe Everyone Deserves a Chance at a Better Life
We strive to advance the economic well-being of working people by helping them earn, save, and invest in their futures. From a small business perspective, the organization deploys microloans for small business owners, many of whom have difficulty borrowing from traditional lenders and are vulnerable to high-cost alternative financing products that are all too prevalent in the market.
By expanding to these new states and the District of Columbia, Opportunity Fund will be able to “grow the pie” – bringing our proven products to small business owners who might not otherwise have found a responsible source of capital for their enterprise. By doing so, we have the chance to help many more entrepreneurs achieve their goals and dreams.
This partnership with Lending Club is one of the ways Opportunity Fund plans to invest $400 million in 10,000 small businesses by 2020. The 25 states and District of Columbia in the 2017 expansion represent the major concentrations of U.S. small businesses. Additional states will be phased in as we expand our services.
We’re proud to work with Lending Club to serve more hardworking entrepreneurs in their pursuit of the American dream. For more information about our commitment to fair lending practices and principles as stated in the Small Business Borrower’s Bill of Rights, please read our blog post here.
For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or email@example.com. For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or firstname.lastname@example.org.
Opportunity Fund is California’s largest and fastest-growing nonprofit lender to small businesses. In FY16 year, we made $60M in loans to help more than 2,200 small business owners invest in their businesses. Opportunity Fund invests in small business owners who do not have access to traditional financing. As a founding member and signatory to the Borrower’s Bill of Rights, we believe in the important role small businesses play in our community and the economy, and we aim to help owners financially succeed.