New StreetShares Initiative Provides Free Technology To Make Small Business Loans, Relieve Coronavirus Impact: Campaign Follows New Investment Round From Motley Fool Ventures
RESTON, Va., March 18, 2020 /PRNewswire/ -- StreetShares, a financial technology company, announced today a new "Main Street Heroes" initiative to provide free technology to help institutions make loans to small businesses impacted by COVID-19.
In September 2019, StreetShares launched a small business "Lending-as-a-Service" technology platform. Since its launch, nearly 30 banks, credit unions, and alternative lenders have used the award-winning technology to offer business loans.
The trend of bank branch closures, combined with only 1% of banks having the full-capabilities to make loans digitally, has significantly weakened the industry's ability to serve its most vulnerable customers, particularly in the current environment. StreetShares "Main Street Heroes" initiative waives software subscription fees through the rest of the year for entities who sign up to fund small businesses impacted by the coronavirus.
"In the wake of the coronavirus, business owners and regulators are both asking lenders to do more to help Main Street," said StreetShares CEO Mark L. Rockefeller. "But most banks and credit unions simply have no ability to make these loans digitally. StreetShares has the needed technology and can power lenders to be the heroes that Main Street needs right now."
The initiative follows the closing of a $5 million financing round, which included funding from Motley Fool Ventures and existing investors.
"The StreetShares team has raised Lending-as-a-Service to a new level," said Ollen Douglass, Motley Fool Ventures Managing Director. "By using StreetShares' solution, lenders can now quickly and efficiently serve the small business customer that they otherwise might have turned away."
The StreetShares Platform provides lenders with a white-labeled, 100% digital loan application, instant digital underwriting, loan servicing, and tracking of small business loans. The turnkey StreetShares platform requires no software integration and is up and running within 30 days. Institutions retain the primary relationship with their customer, and can fund the loan directly or allow StreetShares to do so.
StreetShares has a track record of innovating to ease the burden caused by national economic challenges. In January 2019, StreetShares introduced a program to fund government contractors impacted by the federal government shutdown.
About StreetShares
StreetShares is an award-winning financial technology company that helps financial institutions provide high-quality loans to small businesses. Started in 2014 as a low-cost, digital lender to veteran-owned small businesses, StreetShares built a best-in-class small business underwriting technology. StreetShares launched a Lending-as-a-Service (LaaS) platform to allow community banks and credit unions to affordably make small business loans with a 100% digital, omnichannel experience, with one-day underwriting. The StreetShares platform can be up and running in a community bank or credit union in 30 days with no core software integration. StreetShares was named 2018 EY Entrepreneur of the Year and 2017 Innovator of the Year. For more information, please visit streetsharesplatform.com.
About Motley Fool Ventures
Based in Alexandria, Va., Motley Fool Ventures brings The Motley Fool's investing principles and member community to venture capital. Launched in 2018, Motley Fool Ventures invests in early-stage companies that leverage technology to create a clear competitive advantage in their industry. Its dedicated team, investor community, and robust network aim to provide value to entrepreneurs beyond just capital. To learn more about Motley Fool Ventures, please visit foolventures.com.
CONTACT: James Mentor, 703-568-3947, [email protected]
SOURCE StreetShares, Inc.
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article