US bank launches electronic lending portal for SMEs
US Bank has launched its online lending portal for small business borrowers, the financial institution ad Tuesday (September 25).
Following the path of alternative and market lenders, traditional banks digitize more and more their financing offers for small businesses. The latest to do so is US Bank, which has unveiled its online lending platform for small businesses to access a loan or line of credit. Business owners can access up to $ 250,000 with the service, which offers a fully digital application process through a mobile device or desktop computer.
According to American Bank, small businesses can complete an application in under an hour. If approved, borrowers can also view and manage their financing details online.
US Bank said it designed the portal in response to feedback and demand from small businesses. According to the bank, the solution was designed entirely in-house, providing enhanced security for small business data.
The IF cited its own research published in its 2018 Small Business Survey, which found that nearly two-thirds of small business owners agreed they could improve their time management. Most SMEs also said they would prefer to use multiple channels to interact with their banking service provider. American Bank said its online banking portal can meet both of these needs, delivering an omnichannel lending experience for small businesses while saving business owners time.
“We created this new digital experience to deliver on our commitment to continually improve the way we serve our customers,” said Tim Welsh, vice president of sales support for consumer banking at the US bank, in a statement. communicated. “This is the first of several exciting digital initiatives that we are pursuing and that we believe will better meet the needs of small businesses and consumers.”
“We know business owners want their bank to provide simple, secure solutions that they can access despite busy schedules,” added Scott Beyer, vice president of the US bank and owner of Agile Experience, Scott Beyer. “Imagine getting trade funding from a trusted national source after your kids are in bed or before your weekend morning shift arrives at work.