LEHI, UTAH – Sept. 12, 2024– Bankwell Monetary Group, Inc. (NASDAQ: BWFG) introduced a strategic partnership with Lendio. It should leverage Lendio’s Clever Lending platform to supply, underwrite, and supply immediate SBA 7(a) mortgage affords to enterprise mortgage candidates.
Bankwell can even leverage Lendio’s digital mortgage utility to supply loans to Bankwell’s current depositors, new mortgage candidates, and a few of Bankwell’s partner-sourced clients.
“At Bankwell, we’re all about teaming up with one of the best in fintech to offer each current and new shoppers top-notch service shortly and effectively,” mentioned Ryan Hildebrand, Chief Innovation Officer at Bankwell. “Our partnership with Lendio is an ideal instance. We’re excited to supply immediate SBA 7(a) mortgage choices that simplify the borrowing course of and assist small companies get the funds they want with out the wait. It’s all about making banking simpler and extra conscious of our clients’ wants, and Lendio delivers.”
SBA loans have traditionally taken 30-60 days to originate. With this new partnership, Bankwell can present immediate affords by way of automated underwriting expertise.
“SBA loans have lengthy been the gold commonplace for small enterprise funding, however till now they couldn’t be processed as shortly as different forms of financing,” mentioned Brock Blake CEO and Co-Founding father of Lendio. “I’m thrilled to accomplice with Bankwell on this new providing that transforms the small enterprise lending panorama.”
85% of small enterprise homeowners say pace to mortgage approval is necessary when deciding on a lender, and 77% say they would like to use on-line or by way of a cell app.
A software-as-a-service (SaaS) providing, Clever Lending permits banks and monetary establishments like Bankwell to evaluate threat cost-effectively and shortly by way of a digital utility and automatic underwriting that leverages transaction-driven evaluation.
About Bankwell Monetary Group
Bankwell is a business financial institution that gives banking and lending providers to companies and residents. Bankwell was based on the ideas of offering an distinctive banking expertise and including worth to the communities it serves. Extra about Bankwell could be discovered at www.mybankwell.com.
About Lendio
Lendio is revolutionizing small enterprise lending by connecting small companies, lenders, and repair suppliers by way of an built-in expertise platform. Their mission is to facilitate an ecosystem that helps small companies. Lendio affords specialised software program to automate mortgage decisioning, makes use of AI to match companies with appropriate financing affords, and integrates a mortgage market inside service suppliers’ platforms to assist companies entry the capital they should succeed.