SmartBiz Loans announced this week it has surpassed the $500 million loan mark.
“We are proud to announce this milestone, as it means that we are helping generate increased access to SBA loans for small business owners,” SmartBiz Loans president and CEO Evan Singer said. “As alternative online lenders continue to raise rates and banks struggle to make smaller loans profitably, SmartBiz is connecting banks with small business borrowers in a way that is a win-win for both sides.”
SmartBiz Loans said its software automates bank underwriting processes to shave as much as 90 per cent off processing time and costs for SBA loans under $350,000. It employs machine learning, intelligent automation and big data analytics. It produces an approval rate at preferred partners of around 90 per cent.