StreetShares, a Washington, D.C.-based peer-to-peer (P2P) lending marketplace for small business loans, received more than $200 million in funding commitments.
Backers included Direct Lending Investments, Community Investment Management (CIM) and Eagle Bank Corp. will back loans on the StreetShares marketplace, with a focus on funding veteran-owned small businesses.
Eagle Bank, a community bank in Maryland, Virginia and Washington, D.C., opened a warehouse line for StreetShares.
Launched in 2014 by Mark L. Rockefeller (@markrockefeller), an Iraq war veteran and former finance lawyer at Milbank, Tweed, Hadley & McCloy LLP, and Mickey Konson, former head of small business credit for Capital One and previously with McKinsey & Co., StreetShares peer to peer (P2P) small business lending marketplace that connects small business owners, mainly veteran-focused, with qualified retail and institutional investors.
Investors compete in an online auction to fund portions of the requested loan, and StreetShares combines the lowest bids into a single loan.