Lendinero's blog on Growing Your Business
Lendinero will become a 2nd tier lending source for Small Businesses
(Miami, FL) October 17, 2013 – Lendinero (www.lendinero.com), a leading provider of small business financing solutions, announced today an alliance with the Southern Florida Minority Supplier Development Council, whose mission is dedicated to helping minority businesses to foster business development and expansion. The arrangement brings Lendinero’s proprietary small business lending solutions to SFMSDC’s network and members consisting of over 500 minority owned businesses in Florida.
Launching Lendinero as an alternative funding channel to minority owned businesses, will now be directly accessible to hundreds of entrepreneurs who have historically been unable to secure small business loans for their businesses. With traditional banks still denying most applicants small business loans, Lendinero has emerged as a viable alternative to entrepreneurs needing to sustain and grow their operations. Members of SFMSDC’s
“Our primary focus is to help minority business owners in South Florida improve their overall fiscal health and credit rating, and secure a fast small business loan that will allow them to continue to focus on building their American dream,” declared Gil Zapata, founder and managing director at Lendinero. “Through our loans, small businesses can gain a stronger financial footing and ultimately become more bankable, which in effect drives the cornerstone of our economy.”
Despite the enormous strength of minority-owned businesses, which generates approximately $660 billion in revenue and employs nearly 5 million workers, this key economic sector remains greatly overlooked and under served by traditional banks.
According the U.S. Department of Commerce’s Minority Owned Business Development Agency, lack of access to capital is one of the main causes for the sizeable gap between annual revenue of minority-owned and non-minority owned firms (minority firms on average generate about 200% less revenue than their non-minority counterparts). On Deck hopes to help close this gap by working directly with SFMSDC’s on-the-ground team across key metropolitan urban markets.
Lendinero plans to further roll out this small business recovery solution across SFMSDC’s members and network over the next 6 to 12 months.
SFMSDC was founded in 1975 by the Greater Miami Chamber of Commerce and the Greater Miami Progress Foundation for the purpose of fostering the development of minority-owned businesses throughout South Florida. Central to our mission is the principle that networks and relationships among and between minority businesses and Corporate and Government buyers build businesses. The Council’s main function is to register and certify minority-owned businesses. The process ensures that these businesses are 51% minority-owned and operated in accordance with the guidelines set by the National Minority Supplier Development Council.
The SFMSDC is one of 36 regional councils affiliated with the NMSDC. In order to more effectively carry out its mission, the SFMSDC provides support to Corporate members and MBE affiliates from three offices in Miami-Dade, Broward and Palm Beach counties. Our service area includes Miami-Dade, Broward, Palm Beach, Monroe, Collier, Martin, St. Lucie, Lee, Hendry, Glades, Charlotte, Sarasota, Desoto, Highlands, Manatee, Hardee and Okeechobee Counties.
For more information, please visit: www.sfmsdc.org.
Lendinero is a web based funding solution provider to small businesses. Lendinero provides small business loans from $10K to $300K on a revolving basis and credit decisions are based on cash flow. The company helps businesses that are non bankable and those who need capital for short-term purposes. They can deliver a credit decision within 2 days and can fund a business within 7 business days. Lendinero offers a low friction process and give business owners quick access to capital to manage immediate cash flow needs.
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