Today, Lending Club announced the launch of business loans to meet the needs of America's small businesses, a topic that Lending Club CEO Renaud Laplanche discussed with members of the U.S. House of Representatives in December 2013.
As our latest infographic shows, small businesses need access to capital to continue to be a driving force and foundation of the US economy.
This is a huge milestone for us. For the past seven years, Lending Club has been working hard to grow our first product. Today, we launched the first in what will be a series of new products, designed to address a variety of funding and credit needs in our quest to always be more useful to more people, and over time transform the banking industry to make it more transparent, cost efficient and customer friendly. With this new product, small business owners will have access to customer-friendly, transparent and affordable financing options similar to those Lending Club has been providing on the consumer side since 2007.
Lending Club business loans will range from $15,000 to $100,000 initially, with plans to increase to $300,000 in the future. The loans carry affordable fixed interest rates starting at 5.9% with terms of one to five years, no hidden fees and no prepayment penalties.