Fundera Teams with Community Reinvestment Fund, USA to offer SBA 7(a) Loans, Expanding Financial Options for Underserved Business Communities

NEW YORK, Sept. 2, 2020 /PRNewswire/ -- Fundera, the loan marketplace for small businesses, is expanding its SBA 7(a) offering in partnership with Community Reinvestment Fund, USA (CRF), a national nonprofit that brings investment to underserved communities.

Together, CRF and Fundera will help business owners-- many of whom might be rejected by mainstream lenders --to access SBA-backed financing. Fundera will offer CRF's SBA 7(a) Small Business Loan in its marketplace, which has a maximum amount of $350,000.

CRF is a Community Development Financial Institution (CDFI), focusing on mission and impact as part of its core purpose. The nonprofit looks beyond financial statements to understand the stories behind the numbers, helping qualified business owners access financing so they can make a positive impact in the communities where they operate. Since 1988, CRF has delivered more than $3 billion to help change lives and transform neighborhoods around the U.S.

"CRF has a wonderful reputation in helping entrepreneurs create positive change within their communities," said Jared Hecht, CEO and Founder of Fundera. "Their SBA 7(a) Small Business Loans are a great option for business owners today, who are facing more uncertainty than ever before in managing and growing their business. CRF is the exact type of lender that we want to work with-- empowering owners to do good, without the burden of excessive interest rates or outrageous fees."

While specific SBA 7(a) terms vary from business to business, they are widely regarded to be very favorable, with low interest rates, long repayment windows, and more lenient collateral requirements. The SBA partially guarantees these loans, enabling lenders to approve more small businesses and offer more attractive terms overall.

"For 30 years, we've focused on getting to know business owners based on who they are and what they're passionate about-- not just on their credit score," said Judy Jandro, SVP Small Business Lending, CRF. "Fundera shares our commitment to creating positive change, and to driving investment into historically underinvested communities. Since Fundera sits at a nexus point of the small business financing ecosystem, it's a fantastic opportunity for us to accelerate our mission-based work and help as many people as possible."

About Fundera

Fundera is an online marketplace for small business financial solutions. With Fundera's proprietary technology, any small business owner can apply for financing with more than 30 different lenders with one easy application. Fundera offers guidance for small business owners to secure solutions for any of their financing needs, from credit cards to SBA loans and everything in between.

Since launching in 2014, Fundera has raised $25 million in equity financing and was named a Deloitte 2018 Technology Fast 500 and Inc. 5000 winner in 2019 and 2020, as well as one of American Banker's Best Fintechs to Work For in 2019. To date, Fundera has helped 85,000+ small businesses find their best financial solutions and secure over $2.5 billion in funding. To learn more about Fundera, please visit www.fundera.com.

About Community Reinvestment Fund, USA
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF supports mission-driven organizations, increases economic mobility, and builds strong local economies through the development of solutions aimed at creating an equitable financial system. CRF has injected more than $3 billion to stimulate job creation and economic development and support community facilities. For more information, visit www.crfusa.com.

CONTACT: Dave Heinzinger, [email protected]

SOURCE Fundera

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https://www.fundera.com