In the 2008 financial crisis, small business owners faced economic peril as they failed to secure the financing they needed to keep their doors open and grow. Ryan Rosett and Edan King established Credibly, taking into account the dire situation of these businesses, which became a beacon of hope for small businesses. It emerged as a lifeline for small businesses, helping reshape financing for small companies by offering businesses a chance to succeed when others had abandoned them.
Retail Capital LLC, dba Credibly, was established in 2010 in response to the 2008 financial crisis. Originating in Michigan, the company was to address the financial challenges confronting small business owners who could not secure bank loans during the economic downturn. Rosett and King established the company to bridge this gap and provide accessible and reliable financing solutions to small and medium-sized businesses (SMBs).
Credibly initially focused on Merchant Cash Advances (MCAs) but later expanded its services to include Working Capital Loans (WCLs). This move was in response to the diverse financial needs of its growing customer base. Credibly had a strategic partnership with Crestmark Bank, a member of the FDIC, until 2014, which bolstered its financing capabilities for MCAs. The partnership enabled Credibly to broaden its reach and enhance its services.
In 2015, Credibly updated its financing offerings to include Working Capital Loans through its partnership with WebBank, a Utah bank and member of the FDIC. This move also allowed Credibly to streamline its financing application and approval processes and offer businesses more options. The 2014 investment in the company by Flexpoint Ford, a prominent private equity firm, further enabled growth, providing Credibly with substantial financial backing and strategic guidance to expand its market.
Credibly has remained committed to using the latest technology and data analytics to optimize its processes and deliver exceptional customer service. Credibly continues to refine its underwriting models, ensuring that businesses of all sizes and industries have access to fair and transparent financing. Today, headquartered in Southfield, MI, with additional offices in New York, NY, and Tempe, AZ, Credibly remains a testament to innovation and resilience in finance, standing beside entrepreneurs as they pursue their dreams confidently.
Credibly offers financing products designed to meet the needs of small and medium-sized businesses alike. By providing fast and flexible funding, Credibly helps companies manage their cash flow, invest in growth opportunities, and endure financial issues. The main products include Working Capital Loans and Merchant Cash Advances. Through its network of financing partners, Credibly also provides access to Business Lines of Credit, Long-Term Loans, Equipment Loans, and SBA Loans.
Working Capital Loans from Credibly are short-term loans designed to stabilize cash flow and meet immediate business needs. These loans are ideal for businesses with steady revenue that require flexible, short-term funding without lengthy approval processes. The financing from Credibly helps business owners cover operational expenses, manage inventory, and invest in growth opportunities by providing fast access to funds.
Merchant Cash Advances (MCAs) offer an innovative approach to financing that is particularly beneficial for businesses experiencing fluctuations in their revenue stream, such as seasonal variations. Unlike traditional loans, MCAs provide funding based on anticipated future sales, allowing for a more flexible repayment structure. Instead of making fixed monthly payments, the repayment amount is a percentage of the daily credit or debit card sales. This adaptable repayment method ensures that businesses only pay back what they can afford, which is especially helpful during slower periods. MCAs are advantageous for companies with lower credit scores, as the approval primarily considers the potential of the business rather than strict credit history criteria.
Credibly offers access to Business Lines of Credit through its network of third-party financing partners. This flexible financing product allows businesses to draw funds up to a predetermined credit limit. This option is ideal for companies that require ongoing access to capital for various purposes, such as managing seasonal cash flow, purchasing inventory, or covering unexpected expenses. Businesses can borrow and repay funds multiple times with a line of credit, providing a reliable financial safety net.
Applying for financing through Credibly is straightforward and efficient. Business owners can complete the secure online application in minutes and receive approval in as fast as four hours. Once approved, funds are deposited directly into the business’s account, allowing access to capital as soon as the same day. This fast and easy process ensures companies can quickly obtain the financing they need to seize opportunities and address challenges.
Credibly offers a diverse array of financing solutions tailored to meet the specific needs of small and medium-sized businesses. By delivering swift and adaptable funding, Credibly empowers companies to effectively manage their cash flow, seize growth opportunities, and navigate financial challenges confidently. Its primary offerings encompass Working Capital Loans and Merchant Cash Advances. In addition, through its extensive network of financial partners, Credibly facilitates access to Business Lines of Credit, Long-Term Loans, Equipment Loans, and SBA Loans, providing comprehensive support for business requirements.
