June 26, 2018
INTRUST Bank and Funding Circle expand partnership to support more US small businesses
Funding Circle, the small business loans platform, and INTRUST Bank, a leading US regional bank headquartered in Kansas, today announced the next phase of their strategic partnership to support the growth of US small businesses. Following the successful launch of this partnership earlier this year, the second phase increases INTRUST’s funding commitment and kicks off a targeted, co-branded marketing campaign, giving business owners across Kansas, Missouri, Oklahoma, and Arkansas greater access to fast and flexible financing.
To date, over 150 American small businesses have received loans backed by INTRUST through the Funding Circle platform. The upsized commitment is anticipated to increase this number above 500. In addition, INTRUST and Funding Circle’s collaborative marketing program will open new financing opportunities for growing businesses within the bank’s geographic footprint.
“For more than 140 years, INTRUST has continuously sought ways to give our customers greater opportunities to succeed, and our growing partnership with Funding Circle is the latest step in that commitment,” said Brian Heinrichs, chief financial officer, INTRUST Bank. “This collaboration is a good example of the ways traditional and innovative financial service providers can work together to help small businesses prosper.”
“We are thrilled that INTRUST Bank has chosen to implement the next phase of our partnership,” said Bernardo Martinez, US managing director, Funding Circle. “Not only has INTRUST recognized the investment opportunity available through the Funding Circle platform, but this expansion underscores that Funding Circle’s loans are often the best option on the market for American business owners seeking growth capital. We view our partnership with INTRUST as a blueprint for the remaining geographies within the US.”
Launched in 2010, the Funding Circle model has opened up small business lending to a wide range of investors, including more than 70,000 retail investors, financial institutions, asset management companies, government-backed entities and funds across Funding Circle’s geographies. Through its platform, Funding Circle is contributing to the growth of the small business lending market and expanding access to financing at competitive and transparent pricing. A recent analysis by Oxford Economics found that lending through Funding Circle’s platform enabled 75,000 jobs in the US and Europe in 2017*.
*The Economic Impact of Lending Through Funding Circle. Research commissioned by Funding Circle from Oxford Economics, June 2018. http://www.fundingcircle.com/us/impact