InterNex Capital launched a program focused on providing working capital to small and medium minority and women-owned business enterprises (M/WBEs).
According to InterNex, one third of the company’s clients are currently minority and woman-owned businesses enterprises, but, as part of this new program, InterNex will:
- Provide a dedicated underwriting process for applications from M/WBEs
- Offer special price programs for VelocityStretch funding facilities for M/WBEs
- Incentivize referral partners with bonus commissions for M/WBEs
- Extend below its $500,000 minimum facility size when the business is a M/WBE
- Partner with banks and local networks to expand funding and training to M/WBEs
- Educate M/WBEs to harness InterNex’s Velocity platform and its fintech analytics to manage their cashflow
As part of the program, InterNex recently funded a $250,000 line of credit to a minority, woman and veteran-owned business based in Arizona.
The company provides deep cleaning and junk removal services for commercial buildings after the completion of construction projects. It sought a partnership with a lender offering a flexible, technology-driven working capital solution that would grow with its business.
In addition to funding the line of credit, InterNex paid off the company’s incumbent lender.