Able Lending, a provider of online loans to small businesses, received $100 million in debt financing from Community Investment Management (CIM). This investment allows Able to make more low-cost loans to growing small businesses.

“We are excited about CIM’s investment so that we can fund more deserving small businesses,” said Will Davis, Able CEO and cofounder. “During a time when investors’ confidence in alternative lending has plunged, this investment is a vote of confidence in our loan model and our team.”

“Able’s unique loan structure, where friends and family contribute a portion of the loan, allows small businesses to access more capital at lower rates,” said Jacob Haar, CIM managing partner. “We believe Able’s tight-knit peer-to-peer model, responsible rates and transparent approach is a big win for small businesses, and we are pleased to partner with them.”

The $100 million is available to fund approximately 500 small businesses in the U.S. Able lends to growing small businesses that have been operating for at least one year and with at least $100,000 in revenue. Term loans range from $25,000 to $1 million, with rates starting at 8%. The more businesses raise from friends and family, who act as co-lenders alongside Able, the more they save on their loan rate.

CIM provides financing to small businesses in the U.S. in partnership with a select group of technology-driven lenders.