AVANA Capital’s recently launched LendThrive™ is a next-generation lending platform designed to help small businesses thrive while stimulating local economies. It is aimed at underserved companies in industries such as hospitality and renewable energy that are often overlooked by financial markets.
We see industries like hospitality poised for a post-pandemic comeback, and LendThrive™ can help with expenses such as funding for FF&E (Furniture, Fixtures and Equipment). Through AVANA Capital, we have lent $800 million in total for hospitality projects. However, we found we needed to take it a step further for smaller hospitality projects with a lending range of $25,000-$150,000. So, we developed LendThrive™ with the intention to reward good-performing borrowers so they can save for everyday expenses and personal needs like college tuition and medical expenses.
Our unique Rate Reduction Rewards program provides a declining interest rate over the term of the loan for customers who make on-time loan payments. For example, if a business owner starts with an interest rate of 2.50% per month and makes payments on time, their rate can reduce gradually to as low as 1.25%. This signature feature makes LendThrive™ stand out in the FinTech space.
I believe that by lending with social impact, we can invest in communities as well as the people they serve and employ. I, too, am a life-long entrepreneur and have personally faced the same hardships as many other business owners. It was this experience that compelled me to develop a straight-forward platform that enables small companies to access capital in a transparent and fair manner.
By lending responsibly, we are able to support social objectives that boost local communities and protect the environment.
Sundip Patel is CEO of Glendale-based AVANA Companies, which is comprised of AVANA Capital, LendThrive™, Extensia Financial, AVANA Fund and EqualSeat™.
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