Credit Matters: May 2021

Dear Credit Union Partners:

There is a lot to be thankful for this month. People are getting vaccinated, pandemic restrictions are lessening, and schools, offices, and public spaces are opening back up. The anchors of our community, small businesses offering on-site retail, hospitality, and services are resuming regular operations and spurring local economic life. In addition, influential economists and finance executives predict a boom for the US economy over the next several years and proclaim the decade ahead to be the new roaring 20s.

We at AVANA Companies and AVANA CUSO are well-poised and ready to support this recovery as the world opens back up and businesses relaunch. There is much difference about our communities now, and companies are taking on more overhead to ensure public health and safety. These additional costs can be hindrances during this time, and we are here to help.

Over the last year and much of 2019, AVANA has been rethinking its lending mechanisms with an eye toward the future while maintaining the same rigor in credit and risk analysis. The digitization of financing was accelerated in 2020, and many people are adopting fintech tools as their go-to financial services. With all these factors coming together, we are proud to introduce our newest product to you – LendThrive.

LendThrive provides performance-based fixed-rate loans to entrepreneurs enabling them to meet their financing needs and grow their small businesses. Loans of up to $150,000 are available without prepayment penalties. As loan payments are made on time, we thank borrowers by giving them a lower interest rate. With good payment performance and credit approval, we also apply that lower rate to your next loan with us.

How does it work? Loan applicants complete a simple, straightforward application process online that is quick and convenient. Applications receive an immediate pre-approval indication and then are routed through our full underwriting process. Final approval is most often given within 48 hours. Once the applicant accepts the terms, signs the documents, and closes the loan, they receive funding directly into their operating account.

There are many benefits of using LendThrive as your lender. LendThrive lowers the barriers to growing your business and expands access to capital to a broader group of people. There are no intermediaries, and borrowers can save money during repayment, reinvest those savings, and drive their business forward.

LendThrive for Credit Unions

LendThrive’s convenient, accessible online loan calculation tool and application make it easy to compliment any credit union’s lending platform. With access to AVANA’s lending guidelines, which differ from traditional credit unions, this is an excellent complementary tool to offer your members without competing with traditional loans.

There is no hassle or burdensome procedure to offer this online tool to your members. Credit Unions add the LendThrive web icon to their websites, and their members can access the tool directly from your site. There are numerous ways that these loans can boost small business operations to give your members a leg up in enhancing or relaunching their businesses.

How to get started

Please reach out to me to hear how you can partner with LendThrive in bringing more funding to your members. You can also visit LendThrive.com to learn more about loan eligibility and interest rates. We look forward together in our mission to support more entrepreneurs.

Kind regards,

Matt Hunt
Chief Credit Officer