For many banks, the ability to offer small-business loans efficiently, quickly and compliantly has been more of an aspiration than a reality. The technical, financial and staffing obstacles involved in launching small business loan products have created daunting barriers to entry. And the need for small business credit is greater than ever in our pandemic-ravaged marketplace.
As demand rises sharply, it creates a fertile breeding ground for new Fintechs who claim they can streamline loan processing time, increase profits of even the smallest loans and improve the entire loan experience for banks and their customers.
But how can you distinguish between achievable goals and lip service? You need to ask the right questions to break through the noise and get real, honest answers. As a provider in this space, we spend countless hours researching the competition, talking with banks about their challenges, and continually enhancing our own small-business lending platform. We’re happy to share our top 8 questions to ask a prospective partner when considering a small business lending platform.
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