Commitment to Action

Partnership to Grow Responsible Small Business Lending

Commitment by

Opportunity Fund, Lending Club

In 2015, Opportunity Fund and Lending Club committed to pilot a new partnership that will provide $10 million in needed loan capital to small businesses in underserved areas of California, helping an estimated 400 businesses. Through this first of its kind partnership Opportunity Fund and Lending Club will create a custom credit model and offer qualifying businesses a new co-branded loan. After Lending Club performs the loan underwriting, Opportunity Fund will fund these loans through the Lending Club platform. Opportunity Fund will provide these borrowers with a below-market interest rate. Based on the success of this Commitment to Action, Opportunity Fund will evaluate scaling this pilot program and investing additional tens of millions, helping to pave the way for other CDFIs to leverage new credit technologies and improve the efficiency and scale of their work.

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Overview
Summary

Commitment

Partnership to Grow Responsible Small Business Lending

Launched

2015

Est. Duration

2 years

Estimated Total Value

$13,600,000

Region

Northern America

Countries

United States

Commitment by

Opportunity Fund, Lending Club

Partner(s) of the Commitment Maker(s)

JPMorgan Chase Foundation, Craft3