FreshBooks Expands Lending Capabilities to Give Small Business Owners Faster Access to Capital

New lending partnerships let small business owners use their existing FreshBooks financial data for access to capital.

FreshBooks, a partner purpose-built to simplify the financial complexity of running a service-based small business, expanded its embedded lending offerings. Small business owners are provided a faster, clearer path to financing powered by the invoices, expenses, and financial data they’re already tracking in FreshBooks.

FreshBooks is stepping in where traditional lenders have left small business owners behind. Nearly half of small businesses don’t even apply for financing because they assume they’ll be denied. And nearly two-thirds lack access to a business credit card, with lower-revenue and rural businesses hit hardest.

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FreshBooks is expanding its financial ecosystem through strategic partnerships with leading capital providers. By allowing these partners to leverage FreshBooks data directly to assess creditworthiness, the platform offers time-strapped business owners more optionality and a clearer path to approval, ultimately providing critical support for their cash flow.

“Only about 15% of small business loans get approved by big banks– that’s not a system that’s working for small business owners,” said Jeff Imm, General Manager of Financial Services and Payroll at FreshBooks. “The financial picture is already in FreshBooks, and we’re turning that data into an asset. Instead of a weeks-long back and forths at a bank branch, owners’ invoices and payment history now act as their record of business health, empowering owners to secure the capital needed to scale. ”

Lending partnerships are the next step in FreshBooks’ evolution to the partner that supports owners at every stage of growth—from invoicing to cash in their bank account. The small business lending market is expected to grow at 13% CAGR through 2032, and FreshBooks is positioning its customers to benefit.

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