CALIFORNIA – Fintech Asenso has signed an LOI with the National Asian American Coalition (NAAC) Finance to process $50 million worth of small business loans through a Working Capital Marketplace that will make working capital accessible and affordable for small businesses who need it most.
Affordable working capital for underserved entrepreneurs
Approximately one out of four, or at least 27%, of American small business loans remain unfunded or underfunded. This translates to at least 7.3 million loan applications unfulfilled, which means at least 7.3 million small businesses do not get the support they need to grow and serve their communities.
Asenso’s Working Capital Marketplace aims to close that financing gap by bridging them to affordable working capital options that meet their unique requirements.
The first of many offerings in this Working Capital Marketplace is the SPRING Small Business loan by NAAC Finance.
“The SPRING Small Business Loan platform, powered by Asenso, will match small business owners with the loans that are appropriate for their needs and credit risk rating. It will also give more community banks and CDFIs the chance to offer their loan products to a broader network of small business owners,” said Keny Chang, President of Asenso.
No small business left behind
“Spring is the season of rebirth and new opportunities. This has inspired the launch of our SPRING Small Business Loan, which aims to give underserved entrepreneurs the opportunity to get back on track and thrive all year round,” said Faith Bautista, President and CEO of NAAC Finance, during the launch of the SPRING Small Business Loan on May 19, 2022.
NAAC Finance is a US Department of Treasury-Certified CDFI, an SBA Microloan Intermediary Lender, and an IBank-guaranteed lender that provides qualified small businesses and non-traditional borrowers access to capital and other financing options.
“We are confident that with Asenso’s expertise, NAAC Finance is well on its way towards achieving its vision of financial inclusion for all,” Bautista added.
Empowering entrepreneurs to make informed business decisions
“One of the main challenges of small business owners is they can run out of cash and fail to raise capital,” said Julie Davis, Senior Special Counsel, Office of the Advocate for Small Business Capital Formation, Securities and Exchange Commission (SEC). Davis was one of the virtual speakers during the SPRING Small Business Loan launch event.
“Securities laws are really complicated. The SEC has resources to help entrepreneurs for when they are ready to raise capital,” Davis added.
SEC’s Capital Raising Hub, which will be linked to Asenso’s online platform, has useful tools designed to help small businesses navigate the intricacies of capital raising. Key features include a glossary that demystifies capital raising jargon, a map that identifies where companies are raising capital, and a questionnaire that helps users identify the best funding options available to them.
Asenso has created an ecosystem where small businesses have access to affordable funding options and where community banks and CDFIs get the chance to offer their loan products to a broader market of small business owners—a winning proposition for all.
An inclusive fintech addressing the needs of underserved American entrepreneurs, Asenso’s Working Capital Marketplace uses a credit rating system to match borrowers with the best funding options available. This enables community banks and CDFIs to offer low interest loans to help small businesses—the backbone of the American economy—rebuild, recover, and dream even bigger. Asenso is part of the Talino Venture Labs portfolio of startups for inclusive fintech. Invest in Asenso on Wefunder.
NAAC Finance is a US Department of Treasury Certified CDFI, an SBA Microloan Intermediary Lender, and an IBank-guaranteed lender that provides qualified small businesses and non-traditional borrowers access to capital and other financing options.
