SoFi will make student and personal loans available to WeWork’s 3,000 employees and 175,000 customers at discounted rates. Source
Funding Circle’s SME Income Fund has closed a funding deal with Citibank; according to the AltFi, “Under the terms of the agreement Citibank London will provide £50m of funding into the transaction, by entering into a senior, floating rate loan. The fund will contribute a portfolio of existing UK small business loans at par, and in return shall receive ?the approximately £50m of cash to be deployed in accordance with its investment policy, and junior notes.” Source
CreditMate is a Mumbai based fintech startup; they help dealers and financiers provide vehicle loans to those with no formal credit history; Paytm plans to partner with the firm as part of the investment. Source
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[Editor’s note: This is a guest post from Lisa Weinberger, Director of Digital Marketing at CircleBack Lending. CircleBack Lending is a Silver sponsor...
The non-bank lender launched two new initiatives to expand their mello brand; the home improvement venture will launch later this year and will provide loans up to $75,000 at the point of sale.
As part of their SoFi ReFi program, SoFi will now offer a six-month grace period for new graduates; typically refinancing student debt has meant that graduates must give up their grace period on loans. Source
American Banker reports on the Small Business Administrations lending programs; loan volume for the 7(a) working capital program increased 5% in fiscal 2017 to $25.4 billion; the 7(a) program has increased by almost 70% since 2012; the 504 real estate program increased 6.3% over the prior year period; American Banker discusses the increase of loans to minorities, the biggest markets for SBA loans and the biggest banks in the space. Source
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