For small businesses seeking loans to grow, a South Florida startup offers a new solution: Funding Wonder.
With financial transactions already migrating to the Internet via “crowd” sourcing mechanisms such as Kickstarter and Indiegogo or investment platforms, this Miami-based company with offices in New York and San Francisco, is part of a new breed of peer-to-business lending platforms where qualified business borrowers can connect with accredited investors interested in lending capital on mutually agreeable terms.
“As we prepared to launch we were not sure how we would be received but in a very short time we have received far more high quality borrower applications then we anticipated, which shows us there is significant pent-up demand for such a marketplace. Based on a preliminary review of these applications we anticipate that $3 million to $5 million in loans will move through our pipeline in the next quarter,” said Funding Wonder co-founder Alan McGlade in a news release.
The company said small- and medium-sized businesses need quick, easy access to a wider array of borrowing options for operating or expansion capital than from traditional sources such as local banks, and many accredited investors are seeking potentially higher yield investment opportunities with predictable repayment terms. Funding Wonder “works with strategic partners with knowledge of and access to specific industries with specific characteristics and specific financial needs,” the company said in its news release.
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Funding Wonder was co-founded by Michael Mildenberger, CEO, who previously was founder and managing partner of the Americas division of Corporate Finance Partners, an international mergers and acquisition firm; McGlade, COO, previously served as managing director of Digital Entertainment Ventures, a venture fund focused on high growth, and was the CEO of MediaNet; and Giovanni Soleti, CFO, who has ore than 20 years experience in corporate finance and small and medium sized businessesziSMBs.