DENVER, Oct. 12, 2017 /PRNewswire/ — P2Binvestor (P2Bi), a leading marketplace lending platform that offers crowdsourced, asset-secured lines of credit to growing companies with big ambitions, announced today the launch of a bank partnership program. The program gives growing businesses an innovative way to quickly access capital while allowing banks to increase their addressable market and improve their conversion rates. To kick off, P2Bi teamed up with New Resource Bank, a triple-bottom-line bank serving values-driven businesses and nonprofits that are building a more sustainable world.
This unique bank-Fintech partnership allows community banks to leverage P2Bi’s receivables lending platform and marketplace to quickly deliver multi-million dollar lines of credit to growing small-to-medium businesses. It will help businesses build a lending relationship with banks at an earlier stage in their lifecycle and provide them access to a much lower interest rate than they would with a traditional alternative lender. Banks will provide 50 percent of the capital with a senior secured position and P2Bi’s marketplace of private investors will provide the rest of the capital, resulting in a blended interest rate of 8 to 12 percent and all the capital they need.
The initial roll-out with New Resource Bank will open up a new vehicle for capital to small companies in an initial stage of growth who might not otherwise have access to the funding needed to initiate operations – an area that many young, mission-aligned companies struggle with. With this product, companies lacking a significant transactional history can gain access to capital.
“We are pleased to be partnering with P2Bi to create this innovative product—it’s a win-win for us and businesses,” said Vincent Siciliano, president and CEO of New Resource Bank. “By using P2Bi’s platform, growing businesses will be able to secure capital that they typically wouldn’t be able to access through bank lending alone. This allows us to offer a greater suite of lending products to the community of sustainable businesses we serve.”