SAN FRANCISCO--(BUSINESS WIRE)--SmartBiz Loans, the first SBA loan marketplace and bank-enabling technology platform, today announced the addition of Five Star Bank (www.fivestarbank.com) to the Company’s unique technology ecosystem. SmartBiz Loans’ intelligent technology platform will match Northern California-based Five Star Bank to the right customers in a fraction of the time, allowing the bank to originate SBA loans more efficiently while increasing the likelihood that small business owners using SmartBiz® will receive funding.
“With each new bank we add to our platform, we help broaden access for small businesses to SBA loans since each bank has different criteria for their ideal customer,” said Evan Singer, CEO of SmartBiz Loans. “Five Star Bank’s focus on leveraging technology to innovate for customers has made it one of the top performing banks of its size and the perfect addition to the SmartBiz marketplace.”
The partnership underscores the ability for banks and fintech companies to work together in more creative and collaborative ways to better meet customer needs by combining the speed and agility of new technology with the security and infrastructure of traditional banks. SmartBiz Loans’ focus on regulatory compliance along with their deep knowledge of banks’ unique business requirements, make it an attractive partner for banks looking to expand their reach and ability to underwrite SBA loans. Five Star Bank’s culture of innovation serves as an example for other financial institutions who are looking to partner with fintech companies.
“We are stewards of economic growth in our community and SmartBiz will allow us to serve our business customers more effectively,” said James Beckwith, President & CEO of Five Star Bank. “SmartBiz’s focus on regulatory compliance is extremely important to us. They understand our business needs in addition to the needs of our customers. We are excited to see what the future holds for our partnership.”
SmartBiz’s full-stack, intelligent technology platform creates an environment of data stewardship in which banks’ data is protected and analyzed to the highest standard. It incorporates elements of artificial intelligence, machine learning and big data analytics to bring agility and efficiency to underwriting and originating government-backed SBA loans. By automating each bank’s underwriting criteria, SmartBiz eliminates weeks of work for banks, and allows banks to originate more loans to customers they may not have previously served while cutting banks’ processing costs by up to 70 percent. On average, 90 percent of the loan applications SmartBiz refers to its bank partners are approved.
ABOUT SMARTBIZ LOANS
SmartBiz Loans is a unique combination of an online SBA loan marketplace and a bank enabling technology platform. The company's sophisticated, online software provides SBA preferred lending partners customized and automated origination, underwriting and documentation assistance, making approval and funding fast and easy. SmartBiz Loans is based in San Francisco and was founded in 2009 by a team of experienced financial services entrepreneurs with backing from leading venture capital firms including Venrock, Investor Growth Capital, First Round Capital, Baseline Ventures, and SoftTech VC. Learn more at www.smartbizloans.com.
ABOUT FIVE STAR BANK
Five Star Bank was founded in 1999 by a group of local entrepreneurs seeking specialized banking services with an emphasis on commercial real estate and small business. Today, Five Star Bank is among the top performing banks in the nation for banks of its size. With offices in Rocklin, Sacramento, Elk Grove, Rancho Cordova, Chico and Redding, Five Star Bank is a deeply rooted steward of community and arbiter of economic development with a focus on reinvestment of capital in the Capital Region. Five Star Bank, a locally owned and based community bank, delivers expedient decision-making by professionals with regional expertise. For more information about Five Star Bank please visit http://www.fivestarbank.com.