Baltimore Development Corporation to use R3 Score’s technology for applicants with less than Prime credit scores
BALTIMORE, MD – (NewMediaWire) – September 10, 2021 – 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 it has entered into a two-year pilot with Baltimore Development Corporation.
Baltimore Development Corporation (BDC) serves as the economic development arm for the City of Baltimore. Their mission is to grow the city’s economy in an inclusive manner by retaining, expanding, and attracting businesses, and promoting investment, thereby increasing career opportunities for residents. BDC has a strong commitment to equitable economic development with a focus on supporting small businesses throughout Baltimore City, including providing loans.
“When we met the team at BDC I knew that they were committed to investing in small businesses that mattered to the city, so it was a privilege to work with them to develop a two-year pilot that is the first of its kind for R3 Score. By way of our partnership with BDC, we can begin to test the efficacy of our product in helping lenders understand alternative metrics around consumers with below Prime credit scores, irrespective of their criminal history. This is a very exciting step towards broader adoption of the R3 Score platform,” said Laurin Leonard, CEO of GBBT.
In this pilot, BDC has signed on as a business customer of R3 Score and will use R3 Score’s technology for a portion of the applications received that they would like to continue reviewing for a small business loan, but the business operator may fall below the preferred traditional credit score. This means that BDC is committed to a more equitable economy by supporting minority and women-owned businesses that may have been negatively impacted by institutional racism and/or generational poverty. Their commitment includes implementing developed strategies and bringing R3 Score on board to intentionally create an inclusive and equitable Baltimore economy whereby a traditional credit score and report may no longer be an instant barrier.
“BDC recently released its Baltimore Together strategic plan to build a more inclusive economy. Our partnership with R3 Score is an example of implementing our Baltimore Together vision to create economic opportunities for all, including returning citizens and others facing systemic barriers,” said Colin Tarbert, President & CEO of BDC.
This pilot is an extension of R3 Score’s commitment to Baltimore’s community lending ecosystem. Presently, Baltimore Community Lending (BCL), a Baltimore based Community Development Financial Institution (CDFI), is a local customer and partner in providing small business loans to Baltimore entrepreneurs living with records through a channel partnership with the Association for Enterprise Opportunity. BCL just recently closed on their first loan and Angella Aizire, BCL’s R3 Score loan officer, says, “Our client was appreciative of the R3 Score process, which supports people with records as they re-integrate into society through small business development. He shared that he often faced challenges adjusting to living in the community and the impact of the criminal background check coupled with his access to financial products and services made it difficult to move forward. The R3 Score process was quick, comfortable to go through, and made our client feel at ease.”
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 Baltimore Development Corporation
The Baltimore Development Corporation (BDC) is the economic development agency for the City of Baltimore. Our mission is to grow the city’s economy in an inclusive manner by retaining, expanding and attracting businesses andpromoting investment, thereby increasing career opportunities for residents. BDC is committed to a more equitable economy by supporting minority and women-owned businesses and promoting investment in neighborhoods that have been negatively impacted by institutional racism and/or generational poverty. We develop strategies and facilitate collaboration among our partners to intentionally create an inclusive and equitable economy.
About Baltimore Community Lending
Baltimore Community Lending is a Community Development Financial Institution (CDFI) serving Baltimore City exclusively. We’re 100% dedicated to delivering responsible, affordable lending products to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. We’re making loans to small real estate developers and small business owners committed to developing underserved neighborhoods. Baltimore Community Lending supports the revitalization and strengthening of underserved Baltimore neighborhoods through innovative and flexible financial resources designed to promote community development.
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