SOURCE: Dealstruck

Dealstruck

September 23, 2015 09:30 ET

Dealstruck Partners With VEDC to Provide Joint Lending Solutions to Small Businesses Nationally

CARLSBAD, CA--(Marketwired - Sep 23, 2015) -  Online direct lender Dealstruck announced today a partnership with VEDC, the leading non-profit lender, to provide small businesses with a greater variety of flexible financing options. By combining financing offerings, Dealstruck and VEDC are now able to tailor side-by-side lending packages for small business loan applicants, as well as enhance service to ongoing clients.

Dealstruck has a mission to graduate its borrowers on a path to bankability. Since they focus on granting line of credit solutions and shorter term loans to small and medium-sized businesses (SMBs), the partnership allows Dealstruck customers looking for longer term loans to seek funding from VEDC, which arranges term loans of up to ten years. In return, VEDC clients are able to supplement their current VEDC financing with Dealstruck's line of credit products to help with turning inventory and payroll needs.

"We are honored to partner with a non-profit that shares our mission to give fast-growing small businesses access to appropriate, affordable and transparent capital," said Candace Klein, Chief Strategy Officer at Dealstruck. "This partnership is a unique opportunity for our customers to receive a wider array of flexible solutions that are best suited for their growth needs."

Event Power Solutions, a specialized event and entertainment rental company based in South El Monte, California, was recently granted a $50,000 line of credit from Dealstruck, supplementing its term loan offer with VEDC.

"Dealstruck helps us when we get into a pinch when it comes to meeting our payroll needs," said Zeev Hertzberg, CEO of Event Power Solutions. "We are also thrilled to have gotten approved for a term loan with VEDC. That, combined with the revolving line of credit is really what made the difference for us."

"We are looking forward to a rewarding partnership with Dealstruck as we work together helping small businesses survive and grow while creating jobs," commented Roberto Barragan, VEDC President and CEO. "Our joint collaboration will support small businesses in their search for capital with broader lending options."  

The partnership with VEDC is part of an ongoing effort for Dealstruck to strategically select affiliates that are also looking to serve the SMB market and help growing businesses on their path to bankability. Other firms that Dealstruck has recently partnered with include Creditera, LendingTree, The UPS Store, and NerdWallet.

About Dealstruck
Dealstruck is an online direct lender and the first to offer multiple products -- including flexible term loans and multiple line of credit solutions -- to small- and medium-sized business (SMB) owners. With a mission to provide growing SMBs with access to capital that is unique, appropriate and affordable with honesty and transparency, Dealstruck is committed to placing SMBs on a credible path to bankability. For more information, please visit https://www.dealstruck.com/.

About VEDC
VEDC is a leading non-profit small business lender that is changing the way small business lending is done by making it more available and impactful. With a growing footprint, VEDC has lent $380 million in direct and guaranteed loans to over 104,000 small businesses and created more than 28,000 new jobs. VEDC's mission, as a certified Community Development Financial Institution (CDFI), is to help create jobs and promote small business development in under-served communities. It provides loans and micro-financing options to small businesses, particularly those owned by women and minorities, that don't qualify for traditional financing. VEDC's expanding portfolio is composed of community-based loan funds in California, Illinois, Nevada, Utah, New Jersey, Connecticut, Florida and New York. For more information, visit www.vedc.org.