Big money in Austin, Texas, is turning its eyes toward the Grand Rapids small business scene. Austin-based Able Lending recently announced it was committing to lend $5 million to about 20 small businesses in Michigan.
In partnership with The Michigan Small Business Development Center, Austin, Texas-based Able Lending, an online lending platform for small businesses, is committing $5 million to fund Michigan businesses.
Able announced on Monday a $5 million commitment to an estimated 20 small businesses in Dallas-Fort Worth. It will kick off the program Monday night at the “Eat, Drink and Get Funded” launch event, hosted by Able in partnership with The Dallas Entrepreneu
Small and untested even by the standards of this nascent sector, upstarts such as Able shine a light on the opportunities and challenges facing fintech companies which say they are filling the void left by a retreating banking sector.
Small businesses ar
The Austin-based small business loan platform comprises entrepreneurs and the family and friends they recruit to fund their businesses. The backers from their network front 25 percent of a business loan at an interest rate of their choosing, and Able fund
Able, which caters to small businesses, is expanding operations nationally today with $6 million in venture capital funding. Investors include Blumberg Capital.
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Starting Tuesday, Able, spurred on a by $6 million funding round led by Blumberg Capital and RPM Ventures, will be lending in 40 states and the District of Columbia. Able has been operating for about a year in Austin only.
Able lends money to small businesses—but only after the companies have borrowed a certain percentage of the loan from parents, siblings, friends, and other so-called “backers.” It was started by a pair of Harvard MBAs, Will Davis and Evan Baehr, a year an
“We have great friends that built apparel companies, restaurants, jewelry companies and services firms,” Baehr says. “They’re awesome businesses, and we’d be at dinner conversations with them — here we are talking about how we’re raising millions of dolla
Able recently struck an agreement that will enable the company to provide loans to 25 new companies in Austin. It’s aimed at bootstrapped businesses like hair salons, restaurants, breweries, bakeries and more. The company launched in July of 2014 and has