DENVER–(BUSINESS WIRE)–Funding Circle, the small business loans platform and Congressional Bank, a bank headquartered in Maryland, have today 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.
“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.”
About Funding Circle:
Funding Circle (LSE: FCH) is a small and medium enterprise (“SME”) loans platform. Since launching in 2010, investors and lenders across Funding Circle’s geographies – including banks, asset management companies, insurance companies, government-backed entities, retail investors and funds – have lent more than $15 billion to 100,000 businesses globally.
About Congressional Bank:
Congressional Bank (www.congressionalbank.com), with $3.45 billion of owned and managed assets, is headquartered in Chevy Chase, Maryland and provides specialty lending and banking services to clients across the United States and community banking services to clients within the Washington, D.C. metro region. Its Healthcare, Specialty Lending and Sustainable Finance divisions provide nationwide lending products, including customized real estate loans, working capital, warehouse lines of credit and forward loan purchase agreements. Its Community Bank division provides real estate loans, mortgage loans and other business loans, as well as sophisticated and competitive deposit products to businesses and individuals. Its Alliance Partners subsidiary is an asset manager and lender focused on serving financial institutions by optimizing their asset strategies. Alliance Partners is the asset manager for BancAlliance, a network of more than 280 community banks across the United States.
Congressional Bank – Member FDIC, Equal housing Lender