Opening SME Credit Channels

Golden Pacific Bank in California has created a new lending subsidiary to provide SBA loans for small mid-size business enterprises (SME). The program called SmartBiz uses an advanced technology platform that allows the bank to reduce the cost of borrowing and extend credit more efficiently to creditworthy SMEs. 

The lending platform was developed by the firm BillFloat. The technology enables SmartBiz to efficiently originate, process and close SBA loans. The cost of processing loan applications and credit decisioning time frames are reduced; positioning the lender to better serve the credit requirements of small business clients. 

SmartBiz is looking to reduce a typical credit decisioning time frame from 90 days to less than a week. The bank believes its technology to be a competitive advantage; enabling the extension of longer term loans, lower rates, lower monthly payments expanding the choice of finance options currently available to small businesses. 

Golden Pacific is a community bank with $132 million in assets. Deploying the new lending platform will drive operational efficiency, strengthen compliance mandates, increase the banks return on capital and generate significant fee income for the bank. 

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risk; sme, credit risk, lending, private equity, financial health, risk assessment, credit repair, business planning and analysis, SBA loan