Credibly, a fintech and data-driven online lending platform, announced access to its first extended-term loan offering. Coined a Business Expansion Loan, the product features rates ranging from 9.99% to 36%, terms of 18 and 24 months, and multiple payment options.
“With the launch of the Business Expansion Loan, Credibly can address the funding needs of U.S. small business owners across a broad credit spectrum and various life cycle stages,” said Glenn Goldman, CEO of Credibly. “This is unique and differentiated compared to other lenders who only serve one limited segment and cannot support the small business throughout its life. The Business Expansion Loan further empowers our partners, who also serve small businesses, to satisfy the needs of all their customers, with a simple and intuitive user experience, in a single relationship with Credibly.”
The Credibly Business Expansion Loan can be approved and accessed within 24 hours in amounts ranging from $10,000 to $250,000. The loan addresses the financing needs of small businesses in operation for six months or more whose needs extend beyond short-term working capital to include longer-term growth capital.
In February, Credibly closed a $70 million credit facility with SunTrust Bank. SunTrust committed $50 million, and AloStar Bank participated with a $20 million commitment.
“True to our financing approach of on-balance sheet, whole loan sales and securitization, we’ve partnered with SunTrust Bank and AloStar Bank of Commerce to secure one of the lowest costs of capital in the industry,” said Goldman. “This empowers us to continue improving our product suite and serve as a consultative partner delivering access to right-sized capital to small businesses across a broad spectrum of credit profiles in the U.S.”