Today we are announcing our commitment of $5 million dollars to fund Dallas-Fort Worth area small businesses. And to celebrate tonight we are hosting a “Eat, Drink & Get Funded” launch event hosted by The Dallas Entrepreneur Center in partnership with Tech Wildcatters to meet growing startups and small business owners who are seeking funding.
Late last year Able began a pilot in Dallas. During that time Able funded nearly $2 million dollars to companies such as Coregami, Musicmakers, Grit by Brit and Simply Fit Meals. Demand from deserving entrepreneurs in the area continues to increase for Able’s low-cost of capital. According to the 2015 Kauffman Index of Startup Activity Metropolitan Area and City Trends Report, the DFW area ranks 15th in the nation for startup activity based on the rate of new entrepreneurs, opportunity share for new entrepreneurs, and startup density. “DFW is an important market for Able. The caliber of entrepreneurs, innovation, and small business ecosystem with groups like The Dallas Entrepreneur Center and Tech Wildcatters aligns perfectly with our collaborative lending model. Our $5 million-dollar commitment to DFW solidifies that Able is ready to fund more deserving small businesses,” said Evan Baehr, president and cofounder of Able.
Able is ready to deploy the $5 million dollars immediately to an estimated 20 companies. This summer, Able’s Dallas Market Manager, Weston Betts, will be meeting with entrepreneurs and helping advise on loan applications every Wednesday morning starting at 10am at The Dallas Entrepreneur Center. Businesses can schedule time to meet with him by emailing him here.
The free launch event tonight begins at 5:30pm and includes a fireside fundraising chat with Evan Baehr and Trey Bowles, CEO and cofounder of The Dallas Entrepreneur Center. “We are thrilled to host and be a part of Able Lending’s official Dallas launch. Able’s innovative model for funding is filling a giant need in North Texas and we have enjoyed serving them as members of our DEC community,” said Trey Bowles. In addition to fundraising tips, guests will experience hands-on how to make three unique Old Fashioned cocktails from one of the top mixologists in the world from Sourced Craft Cocktails and enjoy food from Tacodeli to celebrate Able’s Dallas launch.
“We have companies who sign large licensing deals or have a new commitment to a customer that means they need an injection of cash quickly. Able is a perfect solution, and they are accustomed to and willing to work with early stage companies. We are thrilled about their commitment to Dallas,” said Clarisa Lindenmeyer, CRO of Tech Wildcatters.
Able is a platform that lends up to $1 million dollars to businesses at any stage. For pre-revenue businesses, “Able Start” lets entrepreneurs use the Able platform as a service to create any loan product, at any rate, with any repayment schedule. They can then crowdfund their loan on the platform from their friends and family. For growing companies, even those with limited revenues and track records, “Able Growth” allows entrepreneurs to amplify their friends and family money by as much as 10X in matching funds from Able. The majority of Able loans are partially funded by Backers — friends, family, fans — to fund at least 10% of their total loan. While Able makes traditional, non-Backer loans, entrepreneurs save money by raising Backer support - on average, saving over $31,000 in interest payments.