Community Investment Management Announces $300 Million for U.S. Small Businesses at Clinton Global Initiative America (CGI America)
Dedicating $75 Million to Invest through the Lending Club Platform
DENVER, June 10, 2015 /PRNewswire/ -- Community Investment Management ("CIM"), an impact investment firm focused on marketplace lending, announced today a Clinton Global Initiative America (CGI America) Commitment to Action to provide $300 million of responsible and transparent financing to 9,500 small businesses in the United States over the next two years.
CIM's capital will be invested in partnership with a select group of technology-driven lenders that provide innovative borrower-centric debt financing to qualified U.S. small businesses. At CGI America, CIM joined Lending Club (NYSE: LC), the world's largest online marketplace connecting borrowers and investors, and Accion Venture Lab in the commitment. CIM plans to dedicate $75 million to invest in business loans through the Lending Club platform during and beyond the two-year period.
A majority of the U.S. small businesses CIM funds are owned by women, minorities or military veterans. CIM's commitment represents the first significant impact investment in online marketplace lending, also known as peer-to-peer or P2P lending.
Since 1995, small businesses have created two-thirds of all new jobs in the United States, employed half of the private sector workforce, and accounted for more than 50% of non-farm gross domestic product. Yet, despite their centrality to the U.S. economy, small business owners cite access to capital as one of their top constraints to growth.
"We are focused on providing responsible and transparent debt financing to U.S. small businesses who are the engine of our economy," said Jacob Haar, Managing Partner at CIM. "CIM is pleased to announce our CGI America commitment, partnering with Lending Club and Accion Venture Lab to address the financing gap for small businesses, which ultimately impacts the health and sustainability of our communities."
"We see alignment with investors who, like CIM, are focused on increasing transparency and responsible lending in the market," said Lending Club CEO Renaud Laplanche. "We're pleased to be able to help responsible capital reach the small businesses that need it."
About CIM
Community Investment Management ("CIM") is an impact investment firm focused on marketplace lending. CIM provides responsible and transparent financing to small businesses in the United States in partnership with a select group of technology-driven lenders. CIM combines experience, innovation, and values to align the interests of small business borrowers and investors. More information is available at http://www.cim-llc.com.
About Lending Club
Lending Club (NYSE: LC) utilizes technology and innovation to reduce costs and offer borrowers better rates and investors better returns. As of March 31, 2015, over $9.3 billion in loans have been facilitated through the Lending Club platform. For more information: https://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, MA, ME, MN, MS, MT, NH, NV, NY, RI, SD, UT, VA, VT, WA, WI, WV, or WY.
About Accion Venture Lab
Accion Venture Lab is the leading seed-stage investment firm for financial inclusion. Accion Venture Lab, since inception in 2012, has invested in 21 enterprises and screened nearly 1,000 companies in the financial inclusion space. V-Lab is part of Accion, a world pioneer in microfinance who over the last 40 years has helped build 63 microfinance institutions (MFIs) in 32 countries on four continents. Four of V-Lab's 19 investments work in India, and Accion has worked actively in the India market for several years, including through early investments in microfinance institutions, Swadhaar and Saija.
About CGI America
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement solutions to the world's most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 400 commitments, which have improved the lives of nearly 1.4 million people.
CGI also convenes an Annual Meeting, which brings together global leaders to take action and create positive social change, CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world, and, this year, CGI will also convene CGI Middle East & Africa, which will bring together leaders across sectors to take action on pressing social, economic, and environmental challenges. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.
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SOURCE Community Investment Management
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