LEHI, UTAH – Sept. 12, 2024– Bankwell Financial Group, Inc. (NASDAQ: BWFG) announced a strategic partnership with Lendio. It will leverage Lendio’s Intelligent Lending platform to source, underwrite, and provide instant SBA 7(a) loan offers to business loan applicants.
Bankwell will also leverage Lendio’s digital loan application to offer loans to Bankwell’s existing depositors, new loan applicants, and some of Bankwell’s partner-sourced customers.
“At Bankwell, we’re all about teaming up with the best in fintech to give both existing and new clients top-notch service quickly and efficiently,” said Ryan Hildebrand, Chief Innovation Officer at Bankwell. “Our partnership with Lendio is a perfect example. We’re excited to offer instant SBA 7(a) loan options that simplify the borrowing process and help small businesses get the funds they need without the wait. It’s all about making banking easier and more responsive to our customers’ needs, and Lendio delivers.”
SBA loans have historically taken 30-60 days to originate. With this new partnership, Bankwell can provide instant offers through automated underwriting technology.
“SBA loans have long been the gold standard for small business funding, but until now they couldn’t be processed as quickly as other types of financing,” said Brock Blake CEO and Co-Founder of Lendio. “I’m thrilled to partner with Bankwell on this new offering that transforms the small business lending landscape.”
85% of small business owners say speed to loan approval is important when selecting a lender, and 77% say they would prefer to apply online or via a mobile app.
A software-as-a-service (SaaS) offering, Intelligent Lending allows banks and financial institutions like Bankwell to assess risk cost-effectively and quickly through a digital application and automated underwriting that leverages transaction-driven analysis.
About Bankwell Financial Group
Bankwell is a commercial bank that provides banking and lending services to businesses and residents. Bankwell was founded on the principles of providing an exceptional banking experience and adding value to the communities it serves. More about Bankwell can be found at www.mybankwell.com.
About Lendio
Lendio is revolutionizing small business lending by connecting small businesses, lenders, and service providers through an integrated technology platform. Their mission is to facilitate an ecosystem that supports small businesses. Lendio offers specialized software to automate loan decisioning, uses AI to match businesses with suitable financing offers, and integrates a loan marketplace within service providers’ platforms to help businesses access the capital they need to succeed.
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