GBBT - R3 Score and the Association for Enterprise Opportunity Announce National Expansion of Small Business Lending Pilot
Denied small businesses will be scored using R3 Score and receive a second look for loan potential approval by lenders
BALTIMORE MD via NewMediaWire --Global Boatworks Holdings, Inc. (OTC: GBBT), ("Global" or "the Company") an innovative provider of better-contextualized data to businesses for the 1-in-3 Americans living with a criminal record, and consumers with thin credit files, today announced the expansion of a pilot in collaboration with the Association for Enterprise Opportunity (“AEO”) that aims to serve small businesses across the country that are owned by people living with arrest and/or conviction histories.
AEO is the leading voice of innovation in microfinance and microbusiness in the United States. AEO and its 2,700 members and partner organizations have helped millions of Americans access resources and services for creating wealth, assets, and healthy communities through business ownership. Capital One Financial Corporation’s grant to AEO allows R3 Score and AEO to support community lenders known as Community Development Financial Institutions (CDFIs) to increase small businesses’ access to overlooked consumer profiles. This is the second year Capital One Financial Corporation has funded this work. The additional year enables expanded deal flow to CDFIs across the country assessing both criminal justice and lending risk for the purpose of increasing small business loans to entrepreneurs living with a conviction record.
The pilot expansion announced today specifically brings online a new pipeline - applicants who were previously denied capital by an online lender will receive a second opportunity to secure funding by way of a “second look” program utilizing R3 Score.
“The partnership with AEO has provided key resources to micro and small businesses across the country during very hard times, so we are excited for the expansion of this pilot to reach even more entrepreneurs living with records. This pilot is part of a larger marketing strategy we have initiated to attract more CDFIs as customers. This expansion with AEO is encouraging in our effort to drive our FinTech model forward,” said Laurin Leonard, CEO of GBBT.
"R3 Score’s innovative approach to contextualize data and help cure a national crisis—access to capital amongst some of the most disadvantaged entrepreneurs is groundbreaking,” said Connie E. Evans, President, and CEO of AEO. “The opportunity to help prevent recidivism and create economic opportunity can have a double positive impact.” AEO’s commitment to diverse entrepreneurs, and specifically to entrepreneurs living with records, has been built into a strategic effort known as Endeavor Ready 2.0, with various programmatic support for CDFIs and entrepreneurs.
About Global Boatworks Holdings, Inc. and R3 Holdings, Inc.
Global completed a definitive Share Exchange Agreement with Baltimore, Maryland-based R3 Technologies, Inc. on September 23, 2020. R3 Holdings, Inc. is a SaaS company that provides a more contextualized criminal background report and alternative credit score for use by businesses of all sizes and in every industry. R3’s AI-enabled, financial software platform uses proprietary data-driven scoring designed to unlock new valuable information about employees and financial services consumers utilizing a multi-factor algorithm based on 11 factors assessing character, capacity, and current choice. To learn more about R3 Score, visit www.R3Score.com.
About Association for Enterprise Opportunity (AEO)
AEO is the leading voice of innovation for microbusiness and microfinance. We create economic opportunity for underserved entrepreneurs throughout the United States. We engineer transformational change through Research, Incubation, Convening & Advocacy to foster a robust and inclusive marketplace. For more information, visit aeoworks.org.
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