SmartBiz Loans, an online SBA marketplace and bank-enabling technology, announced on Tuesday it added Five Star Bank to its technology network. The company stated its technology platform would match Northern California-based bank to the right customers in a fraction of the time, allowing the bank to originate SBA loans more efficiently while increasing the likelihood that small business owners using SmartBiz will receive funding.
According to SmartBiz, the partnership marks the ability for banks and fintech companies to work together in more creative and collaborative ways to better meet customer needs by combining the speed and agility of new technology with the security and infrastructure of traditional banks. SmartBiz Loans’ focus on regulatory compliance along with their deep knowledge of banks’ unique business requirements, make it an attractive partner for banks looking to expand their reach and ability to underwrite SBA loans. Speaking about Five Star Bank’s addition, Evan Singer, CEO of SmartBiz Loans, stated:
“With each new bank we add to our platform, we help broaden access for small businesses to SBA loans since each bank has different criteria for their ideal customer. Five Star Bank’s focus on leveraging technology to innovate for customers has made it one of the top performing banks of its size and the perfect addition to the SmartBiz marketplace.”
James Beckwith, President & CEO of Five Star Bank, added:
“We are stewards of economic growth in our community and SmartBiz will allow us to serve our business customers more effectively. SmartBiz’s focus on regulatory compliance is extremely important to us. They understand our business needs in addition to the needs of our customers. We are excited to see what the future holds for our partnership.”
SmartBiz noted its full-stack, intelligent technology platform creates an environment of data stewardship in which banks’ data is protected and analyzed to the highest standard. The company recently announced the launch of its online SBA commercial real estate loan. The CRE loans are now available through SmartBiz Loans’ platform for purchase or refinance through an automated, mobile-optimized online flow that allows eligible businesses to pre-qualify in less than five minutes without impacting their credit score. The loans are available for amounts between $350,000 to $5 million with 25-year repayment terms, variable rates as low as 5%, no balloon payments and no prepayment penalty after the first three years.