Fundraising Circle, Farm Bureau Ba
Funding+Circlea leading online lending platform for small businesses, and Farm+Office+Banka financial institution focused on serving Farm Bureau members® and their neighbors in rural communities, announced a partnership to provide capital to small business owners from all walks of life, including the farming community, across the country.
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The partnership enables Farm Bureau Bank to purchase loans originated by Funding Circle, marking another step in a growing collaboration between Funding Circle and the banking community. The partnership combines the financial strength and longstanding customer relationships of Farm Bureau Bank with the risk models powered by Funding Circle’s world-class technology and machine learning platform to deliver high-quality lending products to small business owners.
“Our work with Farm Bureau Bank reflects our ongoing commitment to identifying and pursuing partnerships that allow us to support affordable financing options for diverse small business owners across a variety of sectors and needs,” said Vipul Chhabra, Director General of Funding Circle US. “We are excited about the positive impact this partnership will have on small business owners in communities across the country who play a vital role in supporting their local economies.”
A recent study published by the Philadelphia + Federal + Reserve found that Funding Circle was able to expand access to credit to underserved small business owners who are unlikely to receive financing from traditional lenders, at a lower cost to borrowers. The study also noted that Funding Circle’s partnerships with community institutions have enabled these banks to reach new customers during the pandemic. The collaboration between Funding Circle and Farm Bureau Bank will help alleviate the challenges that many small business owners face when looking to access working capital for their business. While Farm Bureau Bank has traditionally focused on serving rural communities, its partnership with Funding Circle will allow the bank to fund loans for small businesses across the country and all industries.
“For more than 20 years, we have remained committed to providing banking services and support to Farm Bureau members in rural America and across the country. We are enhancing our commercial banking services to better meet the financial needs of business owners in the communities where our members live,” said Will Hileman, President and CEO of Farm Bureau Bank. “Access to Funding Circle loans allows us to strengthen our investments in local communities by expanding the funding opportunities available to entrepreneurs and small business owners across the United States.”
About the Funding Circle
Funding Circle (LSE: FCH) is a lending platform for small and medium-sized enterprises (“SMEs”). Since its launch in 2010, investors and lenders, including banks, community development financial institutions, specialized finance companies, asset management companies, insurance companies, government-backed entities and funds, have lent approximately $18 billion to more than 120,000 companies worldwide.
About Farm Bureau Bank
Since 1999, Farm Bureau Bank has focused on providing products and services to Farm Bureau members and their communities across the country while providing an exceptional banking experience. Farm Bureau Bank shares your interests, understands your background and works to support your livelihood. For more information about Farm Bureau Bank, please visit our website at www.farmbureau.bank.
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