California Launches its Own Business Loan Marketplace

It’s a sign of the times. State and federal organizations are launching their own business loan marketplaces to compete with the numerous ones that exist in the private sector. The latest is California which just launched its “Small Business Loan Match” tool.

“We created Loan Match to ease the process of finding trusted loans for California entrepreneurs, gathering dozens of lenders on one platform for a one-stop experience,” the site says. “All lenders have been pre-vetted and enrolled in IBank’s Loan Guarantee Program, which specializes in bridging the gap between responsible lenders and small businesses.”

IBank, not to be confused with iBank, is the California Infrastructure and Economic Development Bank that was created to “finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities.”

California follows New York City which launched NYC Funds Finder, the SBA’s Lender Match tool, the CFPB’s planned loan marketplace comparison tool, and Bank of America’s Access to Capital Connector.