02 Jul Diversity Capital and Credibility Capital partner to provide micro loans to minority businesses
CHICAGO, ILLINOIS – July 2, 2020 – Diversity Capital Company, LLC (DiversityCapCo), a subsidiary of NexTier Companies, LLC, and Credibility Capital Inc. (Credibility Capital) are proud to announce a partnership to provide fair, affordable loans for the underserved minority business community.
DiversityCapCo addresses the financing and advisory needs of the minority business community. The goal is to deploy $500 million to $1 billion over the next five to seven years by developing and staffing an outreach campaign in the largest 25 cities, and surrounding regions, in the United States in collaboration with the NAACP, its strategic partner. In conjunction with Credibility Capital, the initial thrust of DiversityCapCo has been funding Paycheck Protection Program (PPP) loans to be followed up by offering traditional micro business loans between $50,000 and $350,000 after the PPP ends in August 2020. Lawrence C. Manson, Jr., the Chairman and Chief Executive Officer of DiversityCapCo stated, “Our onboarding experience with Credibility Capital has been efficient and timely and our borrowers have been pleased with the personal touch offered by the Credibility Capital PPP service team while processing their loan requests. All around it has been a great experience.”
With the addition of DiversityCapCo as a new partner, Credibility Capital has expanded its roster of partnerships to originate commercial loans. Credibility Capital sources, originates and services whole loans for institutional investors and is focused on a borrower-friendly user experience, offering monthly-pay term loans over one to three years. With more than five years of lending history, Credibility Capital has provided over $100 million of capital to small businesses in 46 states.
Brett Baris, the Chairman and Chief Executive Officer of Credibility Capital, stated that, “The minority business community has historically been underserved from a financing perspective. With Diversity Capital and its partnership with the NAACP, our tech-enabled platform will provide this community with transparent, fair access to capital.”
About Diversity Capital Company
DiversityCapCo is a finance company exclusively dedicated to the minority business community. Its mission is to expand access to capital and critical advice necessary to assure the survival, stabilization and success of the minority business community. To support these efforts, DiversityCapCo has recently partnered with NAACP. More info at diversitycapco.com
About Credibility Capital Inc.
Credibility Capital is a technology-enabled lending platform matching small businesses with fair, affordable loans. With a simple application process and transparent terms, Credibility Capital works with low-cost capital to improve access to capital for US-based small businesses. Started in 2013 to address the lack of capital flowing to small businesses, Credibility Capital provides loans ranging from $50,000 to $350,000 with terms of one to three years. More info at credibilitycapital.com
Media Contacts
Mason Wiley, Chief Marketing Officer
Diversity Capital Company, LLC
312.948.9178
mwiley@diversitycapco.com
Michael Van Nieuwenhoven
Credibility Capital Inc.
973.705.7687
mvann@credibilitycapital.com