New York, NY - The Credit Junction, an online lending platform for small and mid-size businesses (SMBs), announced today that it has pledged $100 million in loan availability to the small businesses belonging to the Houston Minority Supplier Development Council (HMSDC), a non-profit organization for minority-owned businesses in the Houston Metropolitan area. This strategic alliance will help provide much needed support to the growing number of small businesses in the United States’ fourth largest city.
HMSDC’s membership, which includes more than 700 minority-owned small businesses, now has access to working capital that would otherwise be difficult to obtain by traditional financing sources. Access to capital remains a significant obstacle to the growth of small businesses, and as traditional financial institutions face increasing regulations and compliance costs, business owners will continue to seek alternative financing sources.
“This collaborative, multi-faceted strategic partnership will benefit both local businesses as well as the region at large, furthering The Credit Junction’s commitment to offering SMBs a financing alternative,” commented Sergio Rodriguera, Chief Strategy Officer of The Credit Junction. “As part of that mission, we will continue to build even more regional relationships to further facilitate the flow of credit to the small businesses that fuel our nation’s economy.”
“Houston is a growing, thriving city, thanks in many ways to a diverse number of industrial, oil and gas and healthcare businesses to name a few,” said Robert Gonzalez, Director of Development and Consulting Services of HMSDC. “Traditional sources of capital have often fallen short in supplying the needs of small businesses, particularly when it comes to minority-owned businesses. Our partnership with The Credit Junction helps to ensure that our small business community receives the opportunity to access the capital essential to develop and thrive as leaders.”
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About The Credit Junction
The Credit Junction is an online lending platform focused on providing working capital and supply chain financing solutions to small and mid-size businesses. The company employs an asset-based lending credit evaluation model, and offers businesses up to $5 million in capital availability, both in term loans and lines of credit. Using technology and data intelligence in conjunction with traditional asset-based lending metrics, The Credit Junction can better assess the health of a small business, and provide a more transparent and user-friendly experience. Our fast, flexible and efficient access to capital provides small business owners with the resources they need to grow their business, which ultimately supports job creation and local community development. For more information, please visit:www.thecreditjunction.com.
About Houston Minority Supplier Development Council (HMSDC)
Established in 1973, the Houston Minority Supplier Development Council is a non-profit organization for minority business enterprises (MBEs) and major corporations interested in establishing relationships with minority entrepreneurs and assisting in the growth of their company. Included in the membership of HMSDC are more than 125 major corporations and more than 700 minority businesses. HMSDC services the needs of both MBEs and major corporations in the Houston Metropolitan area that are committed to the expansion of procurement and business opportunities for minority businesses of all sizes. HMSDC is the certifying agent for minority businesses interested in doing business with major corporations. The council provides programs and services that are directed to the deliberate growth of minority businesses. Based on the results of an economic impact study conducted in 2015 HMSDC certified MBEs have a total economic impact of $22.8 billion which is composed of over $17.1 billion dollars in output that results in the creation and/or preservation of more than 67 thousand jobs. HMSDC is one of 24 regional affiliates of the National Minority Supplier Development Council. For more information, please visit: www.HMSDC.org.
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