THE LAUNCH BY AUSTIN-BASED LENDER ABLE IS MONDAY NIGHT AT THE DEC
Able Lending Inc., a national low-cost alternative lender to small businesses, announced on Monday a $5 million commitment to an estimated 20 small businesses in Dallas-Fort Worth.
It will kick off the program Monday night at the “Eat, Drink and Get Funded” launch event, hosted by Able in partnership with The Dallas Entrepreneur Center and Tech Wildcatters.
The free event begins at 5:30 p.m. at the DEC, 311 N Market St., Suite200, and will include fundraising tips from Evan Baehr, Able president and co-founder, and Trey Bowles, CEO and co-founder of the DEC.
“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,” Bowles said.
ABLE FUNDS BUSINESSES AT ANY STAGE
Able is based in Austin and funds businesses at any stage with a new kind of loan that allows borrowers get more capital at lower rates when they recruit some support from friends, family and fans.
Ninety five percent of startups are funded by friends, family, and fans, and the “Able Start” feature provides a way to formally structure these relationships, Able said in a news release.
In the next stage of a growing business, the “Able Growth” feature allows entrepreneurs to amplify their loans from backers by as much as 10 times in matching funds from Able.
On average, Able’s borrowers save $31,000 on loans between $25,000 and $1 million, the company said in the release.
“DFW is an important market for Able,” Baehr said. “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.”
Baehr said, “Our $5 million commitment to DFW solidifies that Able is ready to fund more deserving small businesses.”
ENTREPRENEURS CAN SCHEDULE TIME TO MEET WITH ABLE AT DEC
The Dallas Entrepreneur Center is a 501(c)(3) nonprofit that serves entrepreneurs in the Dallas area, providing a location where they can receive training, education, mentorship, promotion and access to capital.
Entrepreneurs seeking advise on loan applications have the opportunity to meet with Able’s Dallas Market Manager, Weston Betts, this summer, the company said.
Betts will be available every Wednesday morning starting at 10am immediately following 1 Million Cups at The Dallas Entrepreneur Center. Businesses can schedule a time to meet with him by emailing him here.
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