Online direct lender Dealstruck announced on Wednesday it has formed a partnership with Valley Economic Development Center (VEDC), a non-profit lender, to provide small businesses with a greater variety of flexible financing options. By combining financing offerings, Dealstruck and VEDC are now able to tailor side-by-side lending packages for small business loan applicants, as well as enhance service to ongoing clients.
Dealstruck has a mission to graduate its borrowers on a path to bankability. Since they focus on granting line of credit solutions and shorter term loans to small and medium-sized businesses (SMBs), the partnership allows Dealstruck customers looking for longer term loans to seek funding from VEDC, which arranges term loans of up to ten years. In return, VEDC clients are able to supplement their current VEDC financing with Dealstruck’s line of credit products to help with turning inventory and payroll needs.
Candace Klein, Chief Strategy Officer at Dealstruck, stated:
“We are honored to partner with a non-profit that shares our mission to give fast-growing small businesses access to appropriate, affordable and transparent capital. This partnership is a unique opportunity for our customers to receive a wider array of flexible solutions that are best suited for their growth needs.”
Event Power Solutions, a specialized event and entertainment rental company based in South El Monte, California, was recently granted a $50,000 line of credit from Dealstruck, supplementing its term loan offer with VEDC.
Zeev Hertzberg, CEO of Event Power Solutions, commented:
“Dealstruck helps us when we get into a pinch when it comes to meeting our payroll needs. We are also thrilled to have gotten approved for a term loan with VEDC. That, combined with the revolving line of credit is really what made the difference for us.”
“We are looking forward to a rewarding partnership with Dealstruck as we work together helping small businesses survive and grow while creating jobs. Our joint collaboration will support small businesses in their search for capital with broader lending options.”
The partnership with VEDC is part of an ongoing effort for Dealstruck to strategically select affiliates that are also looking to serve the SMB market and help growing businesses on their path to bankability. Other firms that Dealstruck has recently partnered with include Creditera, LendingTree, The UPS Store, and NerdWallet.