Share this
The lifeblood of any small business is capital. Managing cash flow, working capital, credit and debt can be the difference between survival and bankruptcy. Unfortunately, for well over a decade, the number of banks providing small businesses with access to capital has been declining each year. In addition, since the financial crisis in 2008, regulatory changes, tighter lending standards and depressed collateral value, have made it even harder for businesses to access capital at fair interest rates, if at all. Democratizing access to fairly priced financing is not just good business, it’s an economic imperative. That’s why we’re proud to announce our investment in Bond Street, a company committed to being a financial advocate for small businesses.
WHO: Bond Street was founded by David Haber, CEO, and Peyton Sherwood, CTO. We’d known David through his work at Spark Capital and were impressed by his nuanced understanding of the lending market and how to disrupt it from within. Peyton previously led engineering at Venmo and was a VP at D.E. Shaw, giving him equally unique insight into the financial services industry. When we heard about the small business customer-centric approach that Bond Street was taking and how well it matched our Bottom Up Economy focus, it didn’t take long for us to commit to partnering with David and Peyton.
WHAT: Bond Street provides small businesses with simple, transparent and fair access to capital that can be used to fuel the growth of those businesses. Loans can range from $50,000 to $500,000, with one to three year terms and interest rates starting at 6%. Applications are filed digitally, lending decisions are made quickly and capital is available in just a few days.
HOW: Bond Street has built a technology platform that streamlines the loan application and automatically collects and monitors the data needed to efficiently and accurately make an underwriting decision. But the company’s technology is second to the promise being made to small businesses - simple access to fast, affordable financing to grow their businesses.
WHY: At Homebrew, we believe that technology has become so inexpensive, flexible and accessible that groups and industries that haven’t historically benefited from it, can finally reap its rewards. Bond Street exemplifies this belief perfectly. David and Peyton are using technology to execute their vision of reinventing financial services for small businesses. We are honored to be working with such a stellar team in partnership with the company’s newest supporters, Spark Capital and Jefferies.