Fintech Companies Lendsmart and Griffin Technologies Partner to Improve PPP SBA Lending Process
NEW YORK–(COMMERCIAL THREAD) –Smart loan and Griffin Technologies, two fintech companies creating software for banks and credit unions, have teamed up to provide their clients with a complete end-to-end solution for the Small Business Association’s Paycheck Protection Program (PPP) (SBA). Together, Lendsmart and Griffin are helping community financial institutions better serve their customers and ease the stress of small businesses applying for the loan.
By seamlessly combining Lendsmart’s AI technology to automate the PPP SBA application with Griffin’s marketing platform to reach hyper-targeted small business owners, banks and credit unions can process more inquiries. loan while identifying and acquiring qualified prospects for SMEs. This strategic partnership allows the two fintechs to overload their offers to give community financial institutions a head start in a competitive market.
According to the United States Small Business Administration, over 1.6 million small businesses have been approved for the $ 350 billion loan program since its inception in early April. However, many of these small businesses struggled to understand the application and its requirements. Additionally, CNBC reported that many companies struggled to find bank lenders to accept their candidacies.
Lendsmart’s AI-powered technology provides community banks and credit unions an end-to-end solution to automate and digitize the PPP SBA lending process, making it easier for small businesses to apply and enabling financial institutions to ” exponentially increase the number of loans they are able to grant. to treat. In fact, one of Lendsmart’s customers saw a 600% increase in the number of loans processed. In addition, financial institutions can be easily integrated with a personalized white label solution in a matter of hours.
“With financial institutions struggling to manage the high number of applications and small businesses needing immediate funds, we saw an opportunity to speed up and simplify the mostly manual process using our existing technology,” AK said. Patel, Founder and CEO of Lendsmart. .
Through contextual, research, financial and behavioral insights, Griffin’s location-based marketing and analytics platform helps community banks and credit unions find and reach new qualified customers looking for a financial institution to help them apply for the PPP SBA loan. Their software puts institutions in front of their target audience with personalized real-time messaging, which increases the likelihood of conversion by 3 times.
“When we heard about small businesses struggling to find financial institutions capable of processing the SBA PPP loan, we knew we needed to increase the visibility of Griffin’s technology to connect them to interested financial institutions,” said Donald Hawkins, founder and CEO of Griffin Technologies. “We hope this partnership will return the remainder of the PPP loan funding to its original intention of alleviating stress on small businesses nationwide.”
Learn more about Lendsmart
Lendsmart uses artificial intelligence to digitize the home lending and buying processes for banks and credit unions, enabling borrowers to get a loan, mortgages to buy a home in record time or even a refinancing. Their centralized platform unifies all parties involved while automating manual tasks, improving accuracy, minimizing risk to lenders, and reducing origination and operating costs. Features include a real-time service provider, AI-powered underwriting process, the ability to instantly verify assets, income, employment, and identity, as well as 1003 and loan application forms. filled in automatically. Their software works with small business loans, refinancing, and home equity lines of credit (HELOC). For more information visit www.lendsmart.ai or by e-mail to [email protected]
Learn more about Griffin Technologies
Griffin Technologies is giving community banks and credit unions a head start in the 21st century – helping to improve customer relationships, increase sales and compete with large financial institutions. Their marketing and data analytics platform connects banks with new and existing customers in the moments that matter and stay in mind throughout the customer decision-making process. Griffin’s customer engagement solution uses contextual intelligence to improve customer retention and increase portfolio share. Their audience growth solution helps banks reach new customers through targeted marketing. For more information visit www.grffn.io or send an email to [email protected]