Financing small businesses lender StreetShares announced on Wednesday it has teamed up with Farm Bureau Bank (FBB) to provide small business lending to FBB’s members. StreetShares reported that by using its Lending-as-a-Service (LaaS) platform services, the bank may now offer small business loans with a digital experience, which includes a decision in minutes and funding within 24 hours.
Speaking about the partnership, Bob Baker, Director of National Accounts at Farm Bureau Bank, stated:
“We’re excited to partner with StreetShares to enhance our lending capabilities. Since implementing the business lending platform, we have been able to expand our offerings and provide our members an innovative solution that meets their unique needs and helps them better manage and grow their businesses. Using StreetShares’ platform, the entire process is incredibly easy, enabling members to apply from the comfort of their own home or office and get a decision in a matter of minutes, and funding in a matter of hours. This integration positions us for continued growth while helping us create long-lasting relationships.”
Mark L. Rockefeller, CEO of StreetShares, also commented:
“By implementing LaaS, the bank can provide a better customer experience and expand its business lines. We look forward to our continued collaboration in bringing small business lending to more qualified entrepreneurs across the country.”
StreetShares went on to claim that by using the LaaS platform, Farm Bureau now offers unsecured lines of credit to make its loans “faster and more competitive.” The lender added:
“The bank can provide instant approvals and 24-hour funding. Additionally, the bank does not have to integrate the platform with its core banking software, allowing for a seamless transition to attract and retain new small business deposit accounts.”