Bond Street, a NY-based online small business lender, closed a loan-purchase agreement with Jefferies.
The deal renews Jefferies’ prior loan-purchase agreement and expands the size of its loan purchases up to as much as $300m. The agreement will facilitate Bond Street’s growth to provide loans to thousands of small businesses across the country.
Founded, in 2013, by CEO David Haber and CTO Peyton Sherwood, Bond Street leverages its technology and expertise in credit and risk management to offer small business loans ranging from $10,000 to $1 million, expanding from its original $50k to $500k, with interest rates starting at 6%. The company has raised over $400m in lending capital since its founding and is backed by Spark Capital and Homebrew, as well as individual investors including Nathan Blecharczyk (Co-Founder and CTO of Airbnb) and David Chang (Chef/Owner of momofuku).