SmartBiz Loans announced they have surpassed the $500 million mark in Small Business Administration (SBA) loans. The success of the small business lending platform is great news for fintech companies and provides an idea of the mainstream attention online lending options are receiving. SmartBiz Loan’s software platform helps to streamline the underwriting process for banks, reducing time and costs. The company currently cuts the time and cost of processing SBA loans under $350,000 by up to 90 percent.
According to Small Business Trends, “As the company automates the underwriting process, SmartBiz Loans’ platform allows banks to provide low-cost capital to small business owners in a matter of weeks rather than months.” SmartBiz Loans further claims that it ranked as the leading facilitator of traditional SBA 7(a) loans under $350,000 for 2016’s fiscal year. If true, this means SmartBiz surpassed major established banks like Wells Fargo in relation to SBA lending.
The $500 million in funded SBA loans is representative, not only of SmartBiz Loans’ success and growth, but of the entire small business loan market.