NEW YORK, July 16, 2014 /PRNewswire/ -- Fundation Group LLC announced that on May 20, 2014, it completed its first full year of operations since releasing its long-term loan product publicly to the small business market. Fundation's first year was the strongest of any online lender in the small balance commercial lending market.
Fundation's business grew exponentially since it closed its joint venture with Garrison Investment Group in November 2013, which provided Fundation with a deep pool of permanent capital to fund its operations and originations. Fundation's current growth trajectory puts it on track to reach their goal of originating more than $100 million in its second full year of operations.
"The results we see in our business are confirmation that our loan product filled an important gap in the marketplace," said Fundation CEO Sam Graziano. "Our product has the features similar to that of a simple bank loan, but we offer it with the speed and efficiency of a technology empowered non-bank lender. That is resonating with the marketplace."
In order to respond to the strong demand for its product, Fundation has nearly doubled its staff. The company's hiring has focused on building a business development team to attract partnerships, marketing to drive demand generation and customer engagement to offer customers an outstanding personalized experience.
Fundation has also hired Sam Hu, a recognized thought leader on legal and regulatory issues in the online lending and marketplace lending industries. Formerly an attorney at Chapman & Cutler LLP, Hu has had over 10 years of experience in the technology, finance, and legal industry. Hu will spearhead all compliance and legal issues for Fundation as it seeks to partner with regulated entities across the country, including banks and credit unions.
Fundation is a technology-empowered direct lender that delivers small balance commercial loans. The firm provides fixed rate loans up to $500,000 using its own capital. Fundation fills a void in the small balance commercial loan market by offering loans to businesses that banks are unwilling or unable to lend to, and those that desire a simplified process, with capital on terms that will enable them to grow.
For more information on Fundation loans, please visit: fundation.com
For more information on Fundation partnerships, please visit: fundation.com/about/become-a-partner/
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