Bags, a small business loan discovery and management platform, has closed a seed funding round on $3m.
The round was headed by Slauson & Co with participation from Connecticut Innovations and Schultz Family Foundation Entrepreneurs Equity Fund.
This funding follows on from previous investments from Altrinsic Global Advisors as well as a range of other angel investors.
Bags claims that through its platform, diverse business owners discover the best non-dilutive ways to secure funding. The firm helps entrepreneurs get the working capital that they need, understand the implications of debt financing and manage their repayment process.
The platform is designed to reduce time and friction in the loan application process with integrated, contextualised education and detailed guides for earning loan approvals to secure funding.
The funds will be used to expand the capabilities of the Bags platform with debt management features and data infrastructure solutions for lenders.
Bags CEO Daniel Taylor said, ?Access to capital is a core part of long-term small business success, and our mission is to provide underserved businesses with a clear path to fair financing with the tools they need to manage it. We help diverse folks avoid predatory lending by meeting them where they’re at, in a way that they relate to, and with what they need.
?Community, Culture, and Cash are at the center of all of our efforts, and we aim to ensure that millions of businesses can focus on building wealth and strengthening their local economies without worrying about where investment will come from.”
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