Funding Circle US has partnered with BancAlliance, whereby the community bank network’s members can purchase a portfolio of its business loans.
BancAlliance’s members can buy a diversified portfolio of small business loans originated from the Funding Circle US platform to earn returns while supporting businesses.
Funding Circle US is a sister company to Funding Circle UK, the business lender which exited the peer-to-peer lending space earlier this year.
Read more: Funding Circle US partners with Pitney Bowes
“Funding Circle is delighted to launch this program for the BancAlliance network,” said Vipul Chhabra, managing director of Funding Circle US, according to the ABL Advisor report.
“Leveraging our world-class tech capabilities and small business underwriting expertise to work with traditional financial institutions, namely local and regional banks, is central to our commitment to finding the best ways to meet the funding needs of small businesses.”
“We are excited to launch our Funding Circle loan program and look forward to offering our member banks the opportunity to purchase a diversified portfolio of small business loans, underscoring the BancAlliance network’s commitment to expanding access to working capital to small businesses,” said Lori Bettinger, president of BancAlliance.
“Community banks have long been powerful supporters of small businesses, and this program with Funding Circle will provide members new ways to grow that core value of community banking.”
Funding Circle US has entered into a number of strategic partnerships. In March this year, it agreed to offer business loans to customers of global shipping and mailing company Pitney Bowes.
Pitney Bowes said its customers will benefit from Funding Circle’s streamlined online application and loan origination process, and competitive rates.