SOURCE: Front Desk Inc.

December 15, 2015 09:00 ET

Front Desk Partners With Bond Street, Empowering Small Businesses With Easier Access to Growth Capital

Partnership Opens Credit Opportunities Within Shrinking Small Business Loan Market, Provides Alternative Lending to Impacted Personal Services Industry

SEATTLE, WA--(Marketwired - December 15, 2015) - Front Desk, the mobile-first client management system trusted by personal services businesses, today announced a partnership with Bond Street, an online lender for small businesses, giving Front Desk customers convenient access to small business loans that offer more flexibility and availability than traditional banking options. Empowering small business growth through Bond Street's streamlined loan process, Front Desk is providing its customers with discounted access to growth capital to invest in equipment, purchase inventory, open or improve a location, or refinance expensive debt.

As small to mid-sized businesses (SMBs) in the U.S. continue to face a shrinking loan market, securing funding for key areas of business growth has become a significant challenge. According to PayNet Inc., banks have originated 43 percent of business loans up to $1 million through August 2015, down from 58 percent in 2009 -- showcasing a downward trend in the willingness of major banks to work with small businesses. Many alternative, online lenders have emerged to fill the gap, but often require extremely high interest rates, making financing a risky and undesirable option. Conversely, Bond Street provides loans with interest rates starting at 6%, through a simple, transparent loan process.

"Front Desk and Bond Street share a mutual mission to make it easier for small businesses to focus on the most important thing -- growing their businesses," said Jon Zimmerman, CEO and founder of Front Desk. "Small businesses can spend upwards of 20 hours over the course of two months to secure a loan, if big banks are even willing to work with them at all. Cutting the process to mere hours over two days allows our customers to re-invest time into working with customers and start utilizing the funds within a week." 

With Front Desk and Bond Street, small businesses can:

  • Access Growth Capital -- Qualifying Front Desk customers may access funds from $50,000 to $500,000 with a discounted origination fee, saving up to $5,000 in costs related to obtaining a loan.
  • Secure Funds Quickly -- A streamlined process reduces the time to cash versus big banks, bringing efficiency and speed to a critical business need.
  • Gain Peace of Mind -- Rest easy knowing the fastest and most reliable solutions are behind key business operations and growth decisions.

"Front Desk works heavily with personal services businesses, which are especially impacted by the small business capital shortage due to the variety of uses for borrowed funds and lack of standardization across business models," said David Haber, CEO and co-founder of Bond Street. "Many small businesses are already taking important steps to increase their overall efficiency and boost business productivity through their use of Front Desk, and those in need of growth capital will find the same ease of use and value with Bond Street's streamlined processes."

To learn more, visit www.FrontDeskhq.com/bond-street

About Front Desk

Front Desk™ provides a rapidly growing mobile-first, software-as-a-service (SaaS) platform that delivers cloud-based business management tools to the personal services economy. The technology is optimized to work on smart phones, tablets, and desktop computers, and can scale to meet the needs of a variety of companies, from small service-based practitioners to mid-sized businesses and member locations of large national franchises. Front Desk's platform offers a complete software suite for improving customer service, managing client relationships, marketing, billing, securing payments and scheduling. These capabilities enable fitness and yoga studios, dance and music schools, children's activities providers, adventure guides, massage therapists and others, to run their businesses from anywhere, at any time. Launched in 2013 by a team of 50 industry veterans from Expedia, Amazon, Microsoft, DocuSign and others, Seattle-based Front Desk has been adopted by thousands of companies in more than 40 countries. For more information, visit: http://www.frontdeskhq.com.

About Bond Street

Bond Street is transforming small business lending through technology, data and design. The company was founded on the belief that small business owners are the foundation for growth in our economy, and yet today's banking system has left them behind. Bond Street provides one to three-year term loans ranging from $50,000 to $500,000 with interest rates starting at 6%. For more information, please visit www.bondstreet.com.

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