Created on August 9, 2016
The U.S. Department of Commerce Minority Business Development Agency (MBDA) signed a memorandum of understanding with one of the nation's leading small business lenders, Fundation Group LLC. Signing on behalf of MBDA was Deputy Director Albert K. Shen, and signing on behalf of Fundation was CEO Sam Graziano.
The official signing, which took place overlooking the U.S. Capitol, marks the beginning of a partnership designed to provide minority-owned business enterprises (MBEs) with access to business insights and strategies, while also increasing access to an additional source of alternative capital via Fundation’s online lending platform.
Fundation is a leading digitally-enabled small business lender and innovative financing solutions provider, offering loans and credit products for small businesses through banks and other organization partnerships.
Founded in 2011, Fundation has proven itself to be a leader in the small business market with a commitment to transparency in their lending processes. Fundation’s unique business model does not market directly to small businesses, but rather partners exclusively with a broad array of financial and nonfinancial institutions that serve the small business market in a variety of capacities to offer value-added credit solutions.
MBDA is an agency of the U.S. Department of Commerce that helps to create and sustain U.S. jobs by promoting the growth and global competitiveness of businesses owned and operated by minority entrepreneurs.
The only Federal Government agency solely dedicated to serving the minority business community, MBDA is focused on helping minority-owned businesses grow in size and scale and diversify in the industries of tomorrow. MBDA operates a national network of 38 business centers equipped with specialists who help minority-owned businesses grow through access to contracts, capital, and markets.
The MOU will provide MBDA Business Center clients with increased access to financing solutions, education, and thought leadership on the ever evolving lending landscape. The synergistic collaboration between MBDA and Fundation will enhance their capabilities and technical resources to provide education and expanded access to capital to minority-owned businesses nationwide.
Together, MBDA and Fundation are committed to educating MBEs on how they can prepare to qualify for future bank loans and other financing opportunities when they arise.
Posted at 10:39 AM