The new technology will enable Metropolitan Capital Bank & Trust to quickly fund a specific type of loan, a bank representative said.
“Akouba is a particularly accretive partner in helping us to continue to successfully identify and fund Community Reinvestment Act (“CRA”) eligible loans quickly and with cost savings,” CEO Michael Rose explained.
Akouba Credit CEO Chris Rentner added his technology not only helps borrowers obtain the loan, but also to track its progress.
Classified as those under $250,000 small business loans are the second largest category in the country, Akouba said. Proper technology can help smaller banks grow by strengthening their relationships with existing customers.
While small business bank lending has decreased by three percent in the last year, online small business loans have increased by more than 250 percent, the company said.
Mr. Rentner explained how Akouba helps smaller banks.
“We work with banks so their loyal customers can stay where they feel comfortable, where they can enjoy a competitive interest rate, and also take advantage of modern benefits traditionally offered by online lenders.”
“Our platform makes it easier for banks to provide a frictionless experience for small loan applicants. And, in doing so, we’re positioning banks to avail themselves of billions of dollars in small business loans.”