Main Street Loan Demand Surges in October on Cerebro Capital’s Platform
Commercial Loan Marketplace Closes $60 million in MSLP Loans for Middle Market Borrowers
BALTIMORE--(BUSINESS WIRE)-- Cerebro Capital, a commercial loan platform, today announced that middle market borrowers have been actively using Cerebro’s platform to help secure over $300 million of the Federal Reserve’s Main Street Lending Program (MSLP) loans over the past five months. In the month of October alone, Cerebro clients have closed over $60 million in MSLP loans, representing the largest increase in MSLP loan activity Cerebro has seen since the launch of the program earlier this year.
The Main Street Lending Program was established by the Federal Reserve as part of the CARES Act to support small and medium-sized businesses impacted by the COVID-19 pandemic. While bank participation has been limited in this program, for borrowers that are approved for these loans, the advantages to their business can be innumerable, including low interest rates, repayment delays, and the ability to refinance existing debt. Cerebro’s platform can help borrowers identify whether MSLP or other loan solutions are best for their business.
Cerebro Sources MSLP Loan Alternatives
Cerebro fielded thousands of requests from borrowers for new loans, totaling over $5.6B in loan requests in the past 6 months alone. In addition to MSLP, Cerebro was able to help its clients source loans from lenders providing other government-backed programs including Small Business Administration (SBA) and (United States of Department Agriculture (USDA) loans, as well as conventional loans. Cerebro supports companies seeking $2 million to $100 million in loans across over 30+ industries for working capital, growth capital, refinancing existing debt, acquisitions and more.
“We had strong growth prior to COVID and the Main Street Lending Program is allowing us to reset our business for future growth with capital that we can deploy immediately,” said Brooks Benson, Chief Operating Officer of TravelPass Group. “Working with Cerebro gave us more leverage and options than just working with our existing lender.”
“We put a number of resources in place, including new data models, calculators and loan application processes, to help our clients understand all loan options available and to secure funds needed to support their business in the face of COVID-19,” said Matthew Bjonerud, founder and CEO of Cerebro Capital. “The Main Street Lending Program was a good first step in helping mid-size businesses that were impacted by the pandemic. We hope that the program will be expanded with additional stimulus, as we know the demand continues to outpace bank participation.”
Complimentary Analysis Available for Corporate Borrowers
Cerebro helps corporate borrowers understand the viability of an anticipated debt deal through their loan assessment process. Borrowers that submit their business profile data receive a complimentary analysis of their borrowing profile, including strengths and weaknesses, and deal viability should the deal be launched in the market with Cerebro’s lender network. With thousands of data points available from its lender network, Cerebro also helps a borrower determine whether to focus on conventional financing, including government-backed loans, non-bank lending options, or a combination of both to help them achieve their business goals.
About Cerebro Capital: Powered by 800 bank and non-bank lenders, Cerebro Capital (“Cerebro”) is a data-driven platform purposefully designed to democratize access to credit markets by connecting corporate borrowers and lenders to find and close corporate loans ranging from $2 million to $100 million. Working with finance and technology experts, Cerebro has created a holistic corporate loan management solution designed to revolutionize the way borrowers, lenders, intermediaries and stakeholders manage corporate debt. To learn more about Cerebro, please visit, https://www.cerebrocapital.com/.
For Cerebro Capital:
Source: Cerebro Capital
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