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Happy Halloween, readers!
Exciting Investments in Small Business Lending
Let’s start with some exciting funding news. J Palmer Collective, a newly formed asset-based lending group, has provided a substantial $3 million line of credit to Peace Coffee, a woman-owned and led coffee retail shop. This line of credit will enable them to leverage their accounts receivable and inventory for financing.
Moreover, National Funding has secured an impressive $83 million line of credit from ForBright Bank. This significant amount will continue to empower small businesses with funding. They offer various loan options, including business loans up to $500,000 and equipment financing up to $150,000. To date, they’ve funded over $4.5 billion to 75,000 businesses nationwide.
More Lending Opportunities
In other news, MMP Capital has locked in a $20 million credit facility for their equipment financing needs, focusing on the medical aesthetics, dental, and clinical healthcare sectors. This is welcome news for businesses in these industries seeking dependable financing options.
Kapitus, a major player in online small business lending, is making strategic moves to enhance its offerings. They’ve announced the acquisition of 10 Oaks Commercial Capital, an equipment finance lender. This acquisition strengthens their product lineup, adding to merchant cash advances.
Enova, the parent company of OnDeck and Headway Capital, has achieved a remarkable milestone by funding $1 billion in a single quarter. OnDeck offers lines of credit and merchant cash advances, catering to small business financing needs.
PayPal’s Return to Small Business Lending
On an intriguing note, PayPal’s Loan Builder, a small business financing product, is making a comeback. After a period of inactivity and cautious lending, they’ve resumed originating new loans. Business owners can access up to $100,000 rapidly. It’s important to note that PayPal requires weekly payments but offers competitive interest rates.
Alliance Funding Group has also secured a $50 million credit facility to enhance their equipment financing offerings, providing up to $10 million in financing to small businesses.
Big Banks & Regional Support
Turning to the big banks, there’s great news for small businesses, especially in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee, and West Virginia. A $7.85 million investment will be distributed among these states to support local entrepreneurs, thanks to a partnership between Fifth Third Bank and the Community Reinvestment Fund.
Economic Trends and Business Confidence
A Marketplace News article discussed the economy’s stabilization, though some business owners remain cautious due to skilled labor shortages, supply chain issues, and natural disasters like hurricanes Milton and Helene. Inflation has driven up costs, impacting profit margins since COVID-19. Small businesses are making tough choices to stay operational.
Despite these challenges, there’s a silver lining. Online lenders being financed by big banks and large investment groups is an encouraging sign. It shows that banks are responding to business owners who feel confident about their businesses.
That’s all for today’s Halloween edition of Noe Finance. Be sure to like, subscribe, and stay tuned for more small business finance updates. We’ll see you tomorrow with more exciting news and insights.
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