Funding Circle, the small business loans platform and Congressional Bank, a bank headquartered in Maryland, have announced an extension of their existing lending partnership to provide more capital to small businesses across the US.
The second phase of the partnership will significantly expand Congressional’s purchase of loans through the Funding Circle platform. By utilizing Funding Circle’s technology and powerful risk models Congressional benefits from a highly efficient and cost-effective way to deploy significant capital to Main Street businesses looking for funding.
“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. 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,” said Adam Hoehn, EVP of Technology-Enabled Lending for Congressional Bank.
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“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.”