Working capital platform C2FO and Marcus by Goldman Sachs are teaming to equip qualified companies that harness C2FO domestically with unsecured financing. The collaboration endeavors to give a novel, quick and effective avenue for small to medium-sized businesses (SMBs) to get a hold of working capital, according to an announcement on Tuesday (May 18).
“With this partnership, we are increasing access to low-cost, convenient capital just as we have been working to do since 2010 through our accelerated payment programs. Giving smaller businesses multiple ways to access working capital will help them grow and prosper,” C2FO Founder and CEO Alexander (Sandy) Kemper said in the announcement.
Companies on the C2FO platform that qualify will have the opportunity to seek financing beginning in the summer of 2021. They can seek between $10,000 and $1 million in financing. The amount varies based on the creditworthiness, financial wellness and needs of the company receiving the financing, which is subject to Goldman Sachs Bank USA’s credit approval, according to the announcement.
The tie-up is meant to provide applicants with specific loan offer terms “in minutes.” It is also designed to offer ultimate determination in two business days in most instances. In addition, lending via the collaboration will not require property to be kept as collateral, according to the announcement.
“Combining C2FO insights into businesses with our digital platform and strong risk capabilities, we can offer small businesses access to flexible working capital products,” Abhinav Anand, head of Lending at Marcus by Goldman Sachs, said in the announcement. “Goldman Sachs has announced multiple initiatives to support small businesses in the U.S. and we at Marcus want to play our part.”
The news comes as Experian has collaborated with C2FO to offer the Experian Early Payment Programme. “By partnering with C2FO and launching our Early Payment Programme, we are excited to provide enhanced payment/cashflow options to our suppliers,” Experian Global Chief Procurement Officer Mark Langrish said in a February announcement.
Selected by EFXA