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By Laura Shin
Amidst a slackening in investor interest in alternative online loans, Austin-based Able Lending announces Tuesday that it has received $100 million to fund its online small business loans from Community Investment Management, the first impact investment firm focused on marketplace lending.
“We’re very excited that within this difficult market, Able is bucking the trend,” says chief executive officer Will Davis. “We were able to do that because of the strength of our model, the strength of our portfolio, and the strength of the backer concept. Securing $100 million at this point, at this stage of the company but also given where the market is right now, is a huge story in and of itself.”