Lendtech StreetShares, which offers business loans of up to $250,000 to US citizens, announced its partnership with rural US Farm Bureau Bank (FBB) to provide small business lending services to Farm Bureau’s six million members nationwide, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).
StreetShares’ small business lending-as-a-service (LaaS) platform will provide the bank’s small business customers with “a decision in minutes and funding within 24 hours.”
FBB is a full-service digital bank in the US. Now able to offer fully-digital business loan applications with StreetShares’ technology, the bank says it chose the partner on account of its “flexibility and commitment to providing stellar service to underserved populations”.
“Since StreetShares is veteran-run, and we cater to rural America, we knew our values and mission would align with rural Americans’ small business lending needs,” said FFB’s director of national accounts Bob Baker.
By using a LaaS solution, FBB can offer unsecured lines of credit, making its loans faster and more competitive. The bank does not even have to integrate StreetShare’s platform with its core banking software.
“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,” said Baker, who describes the entire loan process with StreetShares as “incredibly easy.”
Bank members can now apply from the comfort of their own home or office with instant replies and funding. Baker said the integration positions the bank “for continued growth” and “long-lasting relationships” with customers.
SteetShares’ CEO Mark L. Rockefeller said the bank’s adoption of its LaaS will “provide a better customer experience and expand its business lines.” Rockefeller hopes the partnership will bring small business lending to more qualified entrepreneurs across the country.
Founded in 2013 and headquartered in Reston, Virginia, StreetShares demonstrated its lending-as-a-service platform at FinovateFall 2019. The company has raised more than $261 million in funding, and includes Rotunda Capital Partners, Fenway Summer Ventures, and Accion among its investors.