back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Funding Circle and Farm Bureau Bank collaborate to boost small business lending

By Edlyn Cardoza

August 12, 2022

  • Farm Bureau
  • Farm Bureau Bank
  • Financial Institution
Share

Farm Bureau Bank, Funding Circle, Small Business, Farm Bureau, Working Capital, Financial Institution, Loan Origination, USAFunding Circle, an online small business lending platform, and Farm Bureau Bank, a financial institution focused on serving members of the Farm Bureau® and their neighbours in rural communities, have announced a partnership to provide capital to small business owners from all walks of life, including the agricultural community, across the country.

The partnership enables Farm Bureau Bank to purchase loans originated via Funding Circle, marking another step forward in a growing collaboration between Funding Circle and the banking community. The partnership combines the financial strength and longstanding client relationships of Farm Bureau Bank with the risk models powered by Funding Circle’s machine learning and technology platform to deliver high-quality loan products to small business owners.

“Our work with Farm Bureau Bank reflects our ongoing commitment to identifying and pursuing partnerships that allow us to support affordable funding options for diverse small business owners across a variety of sectors and needs,” said Vipul Chhabra, Managing Director of Funding Circle US. “We are excited about the positive impact this partnership will have on small business owners in communities throughout the country who play a critical role in supporting their local economies.”

A recent study published by the Philadelphia Federal Reserve found that Funding Circle has been able to expand credit access to underserved small business owners who are not likely to receive funding from traditional lenders and has done so at a lower cost to borrowers. The study also noted Funding Circle’s partnerships with community institutions made it possible for those banks to reach new customers during the pandemic. The collaboration between Funding Circle and Farm Bureau Bank will help mitigate the challenges many small business owners face when seeking access to working capital for their business. While Farm Bureau Bank has traditionally focused on serving rural communities, its partnership with Funding Circle will allow the bank to fund loans for small businesses across the country and all industries.

“For over 20 years, we have remained committed to providing banking services and support to Farm Bureau members in rural America and across the country. We are enhancing our commercial banking services to better support the financial needs of business owners throughout the communities our members live in,” said Will Hileman, President and CEO of Farm Bureau Bank. “Access to Funding Circle’s loans allows us to strengthen our investments in local communities by broadening the funding opportunities available to entrepreneurs and small business owners across the US.”

Recently, IBS Intelligence reported that Funding Circle and DreamSpring had launched a new partnership to increase access to funding for small business owners in underserved communities across the nation.

Previous Article

August 12, 2022

PayGround launches Payment Financing Solution on its platform

Read More
Next Article

August 12, 2022

Synctera announced the appointment of Yvette Butler to its Board of Directors

Read More










IBSi Daily News Analysis

September 30, 2022

Farm Bureau

Is sustainable/green finance needed more than ever before?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

September 30, 2022

BNY Mellon adds new ESG ratings to Securities Lending

Read More

September 29, 2022

ThetaRay launches new software version on its SONAR AML Solution

Read More

September 29, 2022

Billings Federal Credit Union selects Scienaptic’s AI-powered platform to enhance credit decisioning

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022