IRVINE, Calif., Nov. 18, 2014 /PRNewswire/ -- Entrepreneur® and MultiFunding announce the launch of a first-ever interactive search tool making it possible for entrepreneurs to instantly identify and evaluate local banks by their track records for lending to small businesses. The FDIC shows small-business lending still lags behind other types of business lending, making the Entrepreneur Bank Search a way for entrepreneurs to get data-driven and hyper-local insights needed to maximize their efforts when seeking launch or growth capital.
Business owners who use the Entrepreneur Bank Search tool simply type in their zip code to quickly see banks in their community ranked by their demonstrated commitment to small-business lending. Entrepreneur Bank Search provides a quick-access view into a bank's small-business lending focus, helping to disrupt the banking industry by bringing a new level of transparency for entrepreneurs the way Zillow did for homeowners.
The Bank Search ranking system is powered by MultiFunding.com. It calculates the total dollar value of loans made by a bank to small businesses, defined as loans between $100,000 and $1,000,000, by the total number of branches owned by the bank. In addition to a list of local results based on this equation, entrepreneurs can see an estimate of small-business loan balances held at each branch as well as color-coded lending performance levels: orange for banks with $10 million or more, blue for $5 to 10 million, and purple for under $5 million.
"Our mission is to provide valuable data and tools to help small-business owners as they grow and manage all facets of their companies," said Ray Hennessey, editorial director at Entrepreneur.com. "Entrepreneur Bank Search provides a new level of lending transparency to assist entrepreneurs in the first steps of the loan acquisition process. The information compiled by MultiFunding can help change a small company's story from stalled to success."
"Looking for the right banking partner is critical for any entrepreneur, and for small businesses, the search begins locally," said Ami Kassar, CEO and founder of MultiFunding. "We're proud to partner with Entrepreneur to present this search tool to the vast community of business owners and entrepreneurs. With the help of Entrepreneur.com, small-business owners can now be empowered by the Entrepreneur Bank Search tool."
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After 37 years, nobody reaches more growing businesses. As the original magazine for the small and midsize business community, Entrepreneur continues to be the definitive guide to all the diverse challenges of business ownership. Entrepreneur.com is the most widely used website by entrepreneurs and emerging businesses worldwide. Entrepreneur Press publishes the books that turn entrepreneurial skills into business success.
MultiFunding works with small-business owners to help them become bankable. Focused on helping companies become bankable over time – Multifunding works with small-business owner nationwide to help them reach the point where they are bankable through an SBA–backed loan or another traditional bank loan. In its brokering division, MultiFunding has helped place over $100,000,000 of small-business loans in 37 states. MultiFunding also publishes www.bankinggrades.com, which is the basis of the data in the Entrepreneur Best Banks tool, and www.visiblelending.com, a directory of short-term online capital providers.
SOURCE Entrepreneur Media Inc.