Banks have need for speed in small-business lending
americanbanker | January 07, 2019
Online lenders generally can’t match banks’ rates or loan terms, but they do have banks beat in one key area of small-business lending: speed of decision-making. So when Popular Bank in New York decided it wanted to ramp up its small-business lending, it didn’t go out and hire a bunch of new loan officers, it invested in an off-the-shelf lending software from vendor Biz2Credit that will allow it to streamline the application and approval process and fund loans in a matter of days, rather than weeks.