CRF unveils new phase for small business lending network designed to help transform the community development finance ecosystem
MINNEAPOLIS–(BUSINESS WIRE)–#cdfi—Community Reinvestment Fund, USA (CRF) – a mission-driven non-profit lender dedicated to transforming the community development finance system – has debuted its Connect2Capital small business lending platform following an initial launch phase.
More than a marketplace, Connect2Capital is a collaborative online lending network that links mission-driven business lenders to small business owners seeking responsible capital. The Connect2Capital lending partner network offers dozens of different business loan types to fit a variety of small business needs.
“Conventional small business loans may seem out of reach to many entrepreneurs, but Connect2Capital leverages the ability of mission-driven lenders to bridge the gap when other sources are unable to help,” said Patrick Davis, vice president at CRF. “With Connect2Capital, a small business loan isn’t just a means to an end. It represents a promise of a better, more financially secure future for all entrepreneurs.”
The Connect2Capital network is already making a big impact on small business, with a growing network of more than 27 mission-driven lenders that have helped more than 67,000 small businesses nationwide.
Access to capital is one of the biggest challenges of starting or growing a business. By connecting small business owners and mission-based lenders directly, Connect2Capital ensures every entrepreneur has access to the resources they need to make their dreams a reality.
Welcome to a community of possibility
By partnering together, traditional banks and mission-driven lenders can break down barriers and open more doors to opportunity so small business—and communities—can thrive. Connect2Capital bridges the gaps between small businesses, lenders and referral sources to create a sustainable small business resource to help communities create jobs, invest in growth and generate community wealth.
“Connect2Capital can play a critical role in helping small business owners, particularly women, people of color and veterans, find financing that can take their businesses to the next level,” said Connie Smith, program manager at Wells Fargo. “We’re excited to help scale this innovation in lending through Wells Fargo’s Diverse Community Capital program and support growth for entrepreneurs across the country.”
Entrepreneurship is a gateway for economic growth, and small business loans are the backbone of business growth and community investment. Connect2Capital doesn’t just help businesses get loans; it also helps mission-driven lenders deliver responsible, affordable lending alternatives as well as resources to small businesses.
How it works
Connect2Capital is designed to level the playing field for businesses having difficulty accessing capital for a variety of small business needs. Using a unique algorithm to match business owners and mission-driven lenders, Connect2Capital puts small business owners’ needs first and considers many different factors to match businesses with the right resources.
Using proprietary technology to help match businesses with different loan types, Connect2Capital enables business owners to communicate directly with a mission-driven lender of their choice after comparing options on the Connect2Capital website. If no lenders are a match, Connect2Capital helps business owners find resources to help prepare for financing.
Once connected with a lender, small business owners continue to receive help preparing applications and guidance during the underwriting and closing processes. The Connect2Capital team won’t let small businesses fall through the cracks, guiding them throughout the process until they bring their dreams for community and business growth to life.
When traditional funding seems out of reach, Connect2Capital can help make sure small business dreams aren’t, bridging the gap between where small businesses are and where they want to go. Small business owners, community-based lenders and traditional bank lenders can visit Connect2Capital.com to learn more.
Connect2Capital® is a community of mission-driven small business lenders powered by Community Reinvestment Fund, USA (CRF). Connect2Capital levels the playing field for small business owners seeking capital from a responsible lender. For the first time, mission-driven lenders and traditional lenders collaborate within a single, online network to help small business owners succeed—with responsible small business loans. From the moment you start the match process with the Connect2Capital network, we’re with small business owners every step of the way with funding, resources and guidance—because their dreams can’t wait for tomorrow. Connect2Capital.com
About Community Reinvestment Fund, USA (CRF)
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 other 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 $2.4 billion to stimulate job creation and economic development and support community facilities. For more information, visit www.crfusa.com.