The brainchild of Harvard MBAs Will Davis and Evan Baehr, Able offers business owners one- to three-year loans of $25,000 to $250,000 at 8 to 16 percent interest—but with a twist: Borrowers must raise the first 25 percent of the sum from friends and famil
Able’s mission is to “empower main street entrepreneurs” so they can get a loan to build their businesses when traditional lenders have prohibitively high borrowing standards or sky-high interest rates.
Able will help to provide credit to smaller entrepreneurs using a method to price risk through what they’re calling “collaborative underwriting.” Though the name sounds like it might be leveraging the so-called “wisdom of the crowds” for something like pe
Able, a collaborative small business lender that they plan to launch in the fall. Small business credit has dried up, says Mr. Baehr. "Since 2008, the number of loans to small businesses under $250,000 has decreased 92%," and during the same period more s