DENVER, March 7, 2019 /PRNewswire/ -- P2Binvestor (P2Bi),
a leading marketplace alternative lender that offers crowdsourced,
asset-secured lines of credit to growing companies, announced today
that it has collaborated with Pacific Mercantile Bank to offer
custom-tailored lines of credit to California based businesses. The first
such business to benefit from this newly formed fintech and bank
relationship was a company with over $10
million in back-orders that was having difficulty funding
its working capital cash-flow needs to purchase raw materials and
supplies to fulfill orders.
"As a Bank focused on 'Helping Companies Succeed,' we
sought an innovative fintech partner to help us customize a loan
structure aimed at solving a cash-flow challenge for an important
client," said Thomas J. Inserra,
Pacific Mercantile Bank's Chief Credit Officer. Inserra added, "we
selected P2Binvestor for two reasons: 1) Our shared company
purposes focus on helping companies succeed and; 2) P2Binvestor's
innovative technology solutions and willingness to work
collaboratively to provide a custom-tailored solution engineered
specifically for this client."
"P2Binvestor is dedicated to providing flexible, scalable
financing to up-and-coming businesses across the country. Our
collaboration with Pacific Mercantile Bank is further validation of
our unique ability to enhance a bank's C&I product offerings,"
said Krista Morgan, co-founder and CEO of P2Bi. "Our
proprietary technology, combined with Pacific Mercantile Bank's
record of success, is a perfect pairing to finance even more
businesses in the Southern
California area."
Pacific Mercantile Bank is the third bank to join P2Bi's unique
joint funding program. P2Bi's collaboration with Pacific
Mercantile Bank helps to create new financing opportunities for
businesses in the largest and fastest-growing small and mid-size
business markets in the country.
P2Bi's partnership program is a testament to the fact that banks
and fintech companies are continuing to find more ways to not only
co-exist, but collaborate to increase efficiency and provide a
better offering to clients. A major goal of the program is to
provide small and midsize businesses with a long-term capital
strategy where they never need to change lenders and can remain on
one technology platform no matter how large their company
grows.
In addition to adding Pacific Mercantile Bank to its roster of
bank partners, P2Bi is working with current partners to test a
white labeled technology offering that banks can use to service
their commercial borrowers and program graduates on the same
platform.
For more information on P2Binvestor, visit its website at
https://www.p2bi.com/, and to learn more about Pacific Mercantile
Bank, visit https://www.pmbank.com/.
About P2Binvestor
P2Binvestor (P2Bi) is
a Denver-based crowd lending platform for working capital that
offers businesses a middle path between hard-to-get bank financing
and expensive subprime lending. Through technology and with a crowd
of accredited investors, P2Bi simplifies lending and provides
efficient, competitively priced growth capital to small and medium
businesses.
About Pacific Mercantile Bank
Pacific Mercantile
Bancorp (NASDAQ: PMBC) is the parent holding company of
Pacific Mercantile Bank, which opened for business March 1,
1999. The Bank, which is an FDIC insured, California state-chartered bank and a member
of the Federal Reserve System, provides a wide range of commercial
banking services to businesses, business professionals and
individual clients. The Bank is headquartered in Orange County and has seven locations in
Southern California, located in
Orange, Los Angeles, San
Diego, and San Bernardino
counties. The Bank offers tailored flexible solutions for its
clients including an array of loan and deposit products,
sophisticated treasury management services, and comprehensive
online banking services accessible at www.pmbank.com.
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SOURCE P2Binvestor