News

Tender Greens gets term loan from digital lender CrowdOut Capital

October 16, 2019

CrowdOut Capital, an online, non-bank lender for middle market companies, has completed a term loan to Tender Greens, according to a press release.

Tender Greens, which owns and operates more than 30 locations in California, New York and Massachusetts, announced a plan in April to grow the company to 50% female leadership by 2020. The company also announced plans to expand its geographic footprint in existing markets. 

Danny Meyer, founder and CEO of Union Square Hospitality Group, said the company is "proud to be part of the shift in gender parity" as it moves to help create a more diverse workforce.

"CrowdOut provided us the flexible capital we were looking for," Denyelle Bruno, Tender Greens CEO, said in a press release. "We are excited to be partnering with them as we continue to grow our brand from coast to coast."

CrownOut allows online investments of as little as $25,000 through the web platform for loans ranging between $4 million and $50 million. The streamlined platform allows the company to streamline the underwriting process and charge fewer fees than traditional lenders.

"We continue to see healthy, growing businesses like Tender Greens in need of a flexible lender," said Alexander Schoenbaum, CrowdOut Capital CEO, in the release. "We have created a better lending solution in the midst of today’s glut of alternative capital."

CrowdOut did not disclose the size of the loan. CrowdOut previously provided a $20 million facility to Punch Bowl Social, a restaurant group backed by L Catterton that specializes in experiential dining.

Cover image: Tender Greens