The cost of crowdfunded debt doubled — and it tracked the Fed almost perfectly.
We mapped the actual terms behind every funded Reg CF deal. The median interest rate on crowdfunded debt and convertibles rose from 5.5% in 2016 to 11.5% in 2024 — moving in lockstep with the rate-hike cycle.
At the same time, Reg CF quietly became a small-business debt market: loans went from under 8% of deals to more than 1 in 5.
Crowdfunding isn't just equity anymore. It's a financing menu — and it has a price.
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