Farm Bureau Bank in Reno, Nev., plans to buy small-business loans originated by Funding Circle as part of a new partnership with the online lending platform.
The $807 million-asset bank said the loans it buys will include those made to the agricultural community.
“Our work with Farm Bureau Bank reflects our ongoing commitment to identifying and pursuing partnerships that allow us to support affordable funding options for diverse small business owners across a variety of sectors and needs,” Vipul Chhabra, Funding Circle’s managing director, said in the release.
“We are excited about the positive impact this partnership will have on small business owners in communities throughout the country who play a critical role in supporting their local economies,” Chhabra added.
“Access to Funding Circle’s loans allows us to strengthen our investments in local communities by broadening the funding opportunities available to entrepreneurs and small business owners across the U.S.,” Will Hileman, Farm Bureau Bank’s president and CEO, said in the release.