What do 29 unbanked borrowers, one small business owner, 22 investors, and an investment platform have in common? They are working to create a better world where their roles are benefiting not only themselves, but also one another.
Nearly 18 months ago, a company called Quest Livery Leasing asked my investment platform to back its business. Quest Livery wanted to lease its fleet of vehicles to drivers working with services such as Lyft and Uber. However, most of the drivers were unbanked and didn’t have credit histories, making it all but impossible for them to secure traditional financing.
Given our expertise in alternative investing, YieldStreet investors agreed to back the loans. The deal became a study in impact investment for us. Our investors were able to invest in a commercial loan that they otherwise may not have had access to, Quest Livery raised cheaper debt capital, and drivers were able to lease the cars and become entrepreneurs.
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