Camino Financial—an AI-powered community lending platform offering affordable credit and wealth-building solutions to overlooked entrepreneurs, announced today that it has closed a $150 million debt facility with Community Investment Management (CIM).
Camino Financial’s combination of community-driven partnerships and AI technology results in financing loans that are typically 40% lower in monthly payments to similar products on the market. In July of 2021, the company crossed a milestone of $100 million in loan originations. With this new debt facility provided by CIM, Camino Financial is now closer to accomplishing its goal of $1 billion in lifetime loans by the end of 2023.
“We are excited to make big strides towards our goal of $1 billion in lifetime loans with this debt investment from CIM,” said Sean Salas, Chief Executive Officer of Camino Financial. “Through this strategic partnership, we will aim to innovate and scale many wealth-building credit products tailored to overlooked entrepreneurs across America.”
Micro-businesses continue to struggle to gain access to capital, despite accounting for 44% of economic activity in the United States and creating two-thirds of net new jobs. CIM’s credit facility will be invested in providing innovative debt financing for these qualified U.S. micro-businesses and will create a scalable impact within these underserved segments.
“Community Investment Management is focused on providing strategic debt capital to responsible fintechs,” said Jacob Haar, Co-Founder and Managing Partner of CIM. “Our goal is to scale financial services to this underserved segment of the market and we’re very proud to serve as financing partners of Camino Financial. I’m personally very excited to watch them grow” continued Haar.