Hometap Reaches Big Milestone, Triples Home Equity Investments with Small Business Owners
Alternative Financing Company Recognizes Entrepreneurs to Commemorate National Small Business Week
BOSTON, May 2, 2022 /PRNewswire/ -- Hometap, which provides a smart, new loan alternative for tapping into home equity without taking on debt, announced today that it has made more than $30 million worth of home equity investments to help homeowners start, grow, or maintain their small businesses. This segment of homeowners continues to be a strong focus for Hometap, which made three times as many investments with small business owners in the first quarter of 2022 than it did in the first quarter of 2021.
"It goes without saying that the past two years have been incredibly difficult for everyone, and business owners have demonstrated incredible strength and resilience in the face of countless challenges," said Jonathan MacKinnon, Vice President of Product Strategy and Business Development at Hometap. "We're thrilled and honored to be able to help so many of them survive and thrive through our home equity investment product, which gives them debt-free flexibility to use their home equity to help build their businesses while preserving pivotal cash flow."
Hometap's home equity investments allow business owners to quickly access the cash they need to accomplish their business goals through what is likely their biggest asset: their home. Unlike a small business loan, a Hometap Investment comes with no interest or monthly payments for up to 10 years, which provides additional peace of mind for business owners who may need that additional cash flow while they expand. The investment process offers a unique level of speed and ease, requiring no W2s, financial statements, or other business documentation for approval. There are also no restrictions on how the funds can be used — homeowners can put the money toward anything, from equipment and supplies to hiring or marketing.
"When I quit my day job to focus on my wine business, I found the idea of tapping into my home equity without the burden of debt or a steep repayment schedule very attractive. Hometap made the most sense for me and the process was simple, fast, and transparent," said Claudio Delfino, Owner of Delfino Fine Wines. "It's definitely a smart solution for those looking to put some of their home equity to work for their business."
Despite the shutdowns caused by the pandemic, 2021 saw a record number of small businesses emerge. Brand new businesses with no financial or credit history don't typically qualify for standard business loans and financing solutions, making alternatives like a Hometap Investment all the more attractive, as home equity also skyrocketed over the last two years.
To celebrate National Small Business Week, which takes place May 1–7, 2022, Hometap is highlighting one small business owner each day, giving a firsthand glimpse into the challenges and successes these entrepreneurs have experienced with their business during the COVID-19 pandemic.
To learn more about how Hometap is helping small business owners across the country access fast and flexible funding, visit hometap.com/smallbusiness.
About Hometap www.hometap.com
Hometap is on a mission to make homeownership less stressful and more accessible. Our home equity investment product provides homeowners with a fast, simple, and straightforward way to access the equity in their home without taking out a loan or having to sell. By investing alongside homeowners, Hometap offers debt-free cash in exchange for a share of their home's future value — all without any monthly payments or interest over the life of the investment. Through a combination of financial innovation and best-in-class customer service, Hometap enables people to get more from homeownership so they can get more from life. Learn more at hometap.com.
CONTACT: Matt Conroy, [email protected], 203-610-1421
SOURCE Hometap
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