In the vibrant city of Lehi, Utah, a groundbreaking partnership has been forged between Bankwell Financial Group, Inc. (NASDAQ: BWFG) and Lendio. This strategic collaboration marks a significant step towards revolutionizing the lending landscape, particularly for small businesses seeking financial support.
Here are some key points to highlight about this exciting partnership:
- Bankwell Financial Group, Inc. will be utilizing Lendio’s Intelligent Lending platform to streamline the process of sourcing, underwriting, and providing instant SBA 7(a) loan offers to business loan applicants. This innovative approach aims to expedite the traditionally lengthy process associated with securing SBA loans.
- Additionally, Bankwell will leverage Lendio’s digital loan application to extend loan offers to their existing depositors, new loan applicants, and select customers sourced through Bankwell’s partners. This streamlined approach underscores Bankwell’s commitment to providing efficient and customer-centric financial services.
- Ryan Hildebrand, Chief Innovation Officer at Bankwell, expressed enthusiasm for the partnership, emphasizing the importance of collaborating with fintech leaders like Lendio to deliver exceptional service to clients promptly. The focus is on simplifying the borrowing process and ensuring that small businesses have access to the funds they need without unnecessary delays.
- Traditionally, SBA loans have been known to take anywhere from 30 to 60 days to originate. However, this partnership enables Bankwell to offer instant loan offers through automated underwriting technology, marking a significant shift in the speed and efficiency of the lending process.
- Brock Blake, CEO and Co-Founder of Lendio, underscored the transformative impact of this collaboration on the small business lending landscape. By providing faster access to funding through SBA loans, this partnership is set to empower small businesses and enable them to achieve their financial goals more expediently.
The significance of this partnership is further underscored by recent data indicating that 85% of small business owners prioritize speed to loan approval when selecting a lender, with 77% expressing a preference for online or mobile-based application processes. The emergence of Intelligent Lending, a software-as-a-service (SaaS) offering, enables financial institutions like Bankwell to assess risk efficiently through digital applications and automated underwriting, leveraging transaction-driven analysis.
In conclusion, the collaboration between Bankwell Financial Group, Inc. and Lendio represents a significant milestone in the realm of small business lending. By prioritizing speed, efficiency, and customer-centricity, this partnership is poised to transform the lending landscape, making access to funding more seamless and responsive for small businesses. Through innovative technologies and strategic alliances, the future of small business lending looks brighter than ever.
