News - 06.21.2016

Able Lending Commits $5 Million to Fund Michigan Small Businesses

Today Able announced our commitment of $5 million to fund Michigan businesses and our official launch in the state. To celebrate this news, Able is on a three-city tour in Flint, Grand Rapids, and Owosso this week to meet with small business owners and help them with their fundraising needs. Read more about this news below and the formal release here:

Able is ready to deploy the $5 million immediately to an estimated 20 Michigan-based companies across a range of industries. Able is a unique because they can lend to businesses at any stage, particularly newer companies who don’t qualify for a traditional bank loan. “Able is excited to formally launch in the great state of Michigan,” said Evan Baehr, President and Cofounder of Able. “Groups like the Flint office of The Michigan Small Business Development Center and Start Garden in Grand Rapids provide the perfect breeding ground for new and existing entrepreneurs. Able is proud to come alongside the Michigan entrepreneur ecosystem to help fund more deserving businesses.”

“The Flint office of The Michigan Small Business Development Center (MI-SBDC) is honored to sponsor a visit by Able to inspire our innovators and entrepreneurs. And we are humbled by their commitment to provide more opportunities for Flint businesses by dedicating $5 million in low-cost loans. This is a heartfelt example of entrepreneurs helping entrepreneurs. MI-SBDC is proud to partner with Able Lending, and serve and assist entrepreneurs on their journey to business growth,” said Marsha Lyttle, Regional Director for MI-SBDC.

The three-city Able launch tour kicks off this evening in Flint with a fundraising talk given by Able’s President and Cofounder, Evan Baehr, at the Flint Farmer’s Market from 5:30pm to 8pm ET. On Wednesday, June 22, Able is hosting a fundraising Lunch & Learn from 11:30am to 1pm ET in partnership with Start Garden in Grand Rapids. The tour concludes in Owosso on Thursday, June 23, where Evan will give a fundraising presentation at the Owosso "Think & Thrive Leadership Conference" taking place at the historic Lebowsky Theater from 10am to Noon ET.

Able is a platform that lends up to $1 million to businesses at any stage. For pre-­revenue businesses, “Able Start” lets entrepreneurs use the Able platform to create any loan product, at any rate, with any repayment schedule. They can then crowdfund their loan on the platform funded 100 percent from their friends and family. For growing companies, “Able Growth” allows entrepreneurs to amplify their friends and family money by as much as 10X in matching funds from Able. And for companies stuck in high interest rate products, “Able Refi” empowers small businesses to restructure and refinance existing high-interest rate loans into longer-term, lower-cost loans from Able. The majority of Able loans are partially funded by Backers (friends, family, and fans) who fund at least 10% of the total loan. Get pre-approved for an Able loan here.


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