Funding Circle US has extended its lending partnership with Congressional Bank.
The bank, which is headquartered in Maryland, said it will significantly expand its purchase of loans through the peer-to-peer lending platform to provide more capital to smaller businesses across the US.
“Funding Circle is thrilled to partner with Congressional Bank to help hundreds of small businesses get the financial assistance they need,” said Vipul Chhabra, managing director of Funding Circle US.
“The success of American small businesses plays an important role in creating jobs and supporting economic recovery, which drives our commitment to providing efficient, innovative funding solutions and working with partners that help extend our community reach.”
“We have been dedicated to helping small business owners obtain essential funding throughout the pandemic through our partnership with Funding Circle and our participation in the Paycheck Protection Program where we funded over 2,600 loans to small businesses,” said Adam Hoehn, executive vice president of technology-enabled lending for Congressional Bank.
“This partnership is an important part of our efforts to support more small businesses and aligns well with our focus on positively impacting the communities we serve.”
Funding Circle US has deployed more than $700bn (£50.87bn) through the Payment Protection Program to small- and medium-sized enterprises in the US.