Biz2Credit tech to provide online business loans to Popular Bank
US-based Popular Bank has partnered with lendtech Biz2Credit to expand the bank’s digital presence and streamline its small business loan application process.
The bank will use Biz2Credit’s analytics and technology platforms to process small business loan requests – between $25,000 to $1,000,000 for commercial term loans and lines of credit, and $100,000 to $1,500,000 for commercial real estate secured loans.
Loan applicants will enter information through a new online small business portal on Popular Bank’s site.
The bank hopes it will provide its customers ease of access to financing, allowing business owners to apply for credit outside of traditional banking hours, with a mobile-first approach.
According to Biz2Credit, more than half of its small business loan applications are filed via smartphone or tablet.
Popular Bank operates in New York, New Jersey and South Florida.