Funding Circle, DreamSpring partners to improve access to capital for small business owners in underserved communities

The online lending platform’s lending-as-a-service program expands the reach and impact of financial institutions for nonprofit community development

DENVER-(BUSINESS WIRE)–Funding Circle, one of the nation’s leading online small business lending platforms, and dreamspring, a non-profit community development finance institution (CDFI) with nearly 30 years of experience lending to communities, have launched a new partnership to improve access to finance for small business owners in underserved communities across the country. The new partnership is consistent with both organizations’ shared commitment to advance entrepreneurship and innovation by providing small businesses with equitable access to capital.

Through this lending-as-a-service program, DreamSpring will be able to expand its reach and impact across the country, making more loans faster and at lower cost, while maintaining a seamless experience for customers. Small business customers of DreamSpring who apply through the Co-branded application portal Receive personal support from a dedicated Funding Circle Account Manager, an approval decision within hours, and access to funds in as little as 48 hours.

“We’re excited to offer financial institutions our customizable, end-to-end lending platform and technology that we’ve developed over the past 12 years,” said Angus Sanders, Chief Revenue Officer of Funding Circle US. “We look forward to the positive impact of our partnership with DreamSpring on communities across the country, particularly the underserved.”

“At DreamSpring, we lend at the intersection of mission, technology and heart. Our relationship with Funding Circle will be transformational, empowering entrepreneurs to quickly access the funding needed to create jobs and grow small businesses,” said Francisco Lopez, chief operations and innovations officer at DreamSpring. “Together we will provide the flexibility and resources small business owners need to navigate in today’s changing economic climate.”

Funding Circle is dedicated to helping small businesses get the funding they need to thrive by working closely with financial institutions — including national, provincial and local banks and Community Development Financial Institutions (CDFIs) — around this mission and has recently launched a small business lending-as-a-service partnership with Pitney Bowes. A study of Philadelphia Federal Reserve That year, Funding Circle found that Funding Circle was able to expand access to credit to underserved small business owners who are unlikely to get financing from traditional lenders, and at a lower cost to borrowers. The study also found that Funding Circle’s partnerships with community institutions enabled these banks to reach new customers during the pandemic.

About Funding Circle:

Funding Circle (LSE: FCH) is a lending platform for small and medium-sized enterprises (“SMEs”). Since launching in 2010, investors and lenders across Funding Circle’s geographies — including banks, specialty finance firms, asset management firms, insurance companies, government-sponsored entities and funds — have provided approximately $18 billion to more than 120,000 companies worldwide.

About DreamSpring:

DreamSpring is a nonprofit community lender dedicated to eliminating systemic wealth inequality and accelerating the economic inclusion and empowerment of underserved communities. Founded in 1994 and operating in 19 states, the organization provides rapid access to capital and tailored, end-to-end support for the most vulnerable small business owners, with a focus on communities including people of color, women, low- to middle-income, people with disabilities and start-ups. To date, DreamSpring has issued more than 42,000 loans totaling over $465 million to small businesses supporting an estimated 72,000 jobs. Learn more at DreamSpring.org.

For all media inquiries
Julia Jaramillo
[email protected]

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Money is delivered in days, not months.

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