The solution will enable small businesses to apply for term loans from $15,000 to $250,000 and lines of credit from $20,000 to $150,000 through a simple application and receive funds in as little as one business day.
According to the FDIC Small Business Lending Survey in 2018, “Very few small or large banks accept small business loan applications online”.
According to the Federal Reserve, awareness of online lenders has grown, and business owners increasingly turn to these companies for funding. In 2014, less than one-in-five credit applicants (18%) sought financing at an online lender, rising to nearly one-in-four (24%) in 2017.
“We’re proud to extend our commitment to small businesses through this strategic alliance with Fundation,” said Josephine Moran, executive vice president, director of retail banking. “This will enable us to effectively serve the growing small business market by providing the capital many small businesses need to grow and reach their full potential. In turn, this will assist these businesses to flourish and create new jobs in our communities,” concluded Moran.
Sam Graziano, CEO of Fundation, added, “Our platform was developed to deliver credit with speed and convenience to small businesses, without asking them to compromise the quality of product and pricing they expect from their bank partner. Aided with this new capability, Provident Bank will be able to offer their local small business customers a market leading lending program.”
Small business owners can apply online at Provident Bank or visit their local Provident branch to apply in-person, where they will be able to work with a banking center manager to assist them with their application.