SAN FRANCISCO--(BUSINESS WIRE)--SmartBiz Loans®, the #1 online SBA loan marketplace and bank-enabling technology platform, today announced the addition of Seacoast Bank (https://www.seacoastbank.com/) to the company’s unique technology ecosystem, taking the total number of banks on their platform to nine. SmartBiz Loans’ intelligent technology platform matches Florida-based Seacoast Bank to the right loan customers in a fraction of the time a referral typically can take, allowing the bank to originate SBA loans more efficiently while increasing the likelihood that small business owners get approved for funding.
“Adding a new bank to our platform is always a reason to celebrate, as it illustrates our continued efforts to broaden access to SBA loans for small business owners. said Evan Singer, CEO of SmartBiz Loans. “Seacoast Bank’s desire to leverage technology to improve their application process and overall customer experience make it a perfect addition to the SmartBiz® marketplace.”
“The strategic use of technology to better serve customers and invite new ones to the fold is a hallmark of Seacoast’s approach to customer service,” said Julie Kleffel, executive vice president and community banking executive at Seacoast Bank. “We see SmartBiz Loans and its unique technology platform as a great fit and the means to supply more qualified small business owners with the capital infusion they need to grow.”
SmartBiz Loans’ strategic bank partnerships create a one-of-a-kind marketplace that benefits both applicants and banks. The Company’s full-stack, intelligent technology platform protects and analyzes banks’ data to the highest standard. The platform incorporates elements of artificial intelligence, machine learning and big data analytics to more efficiently underwrite and originate government-backed SBA loans. The automation of each bank’s underwriting criteria eliminates weeks of work for banks, and allows banks to originate more loans to customers they may not have previously served while typically cutting the banks’ processing costs by 70 to 90 percent. On average, 90 percent of the loan applications SmartBiz refers to its bank partners are approved.
The partnership solidifies the ongoing trend of banks and fintech companies working together to meet customer needs by combining the speed and agility of new technology with the security and infrastructure of traditional banks. Combined with recent positive SBA improvements for loan processing that have removed barriers and increased efficiency in the 7(a) program, the SmartBiz and Seacoast partnership expects to help deliver more small SBA loans to businesses across the country. To date, SmartBiz Loans’ platform has facilitated more than $500 million in SBA loan originations and helped expand access for small business owners seeking SBA loans.
SmartBiz Loans and Seacoast Bank are a finalist for the category, “Startup Innovation” at Bank Director’s 2018 Best of FinXtech Awards. The winners of this award will be announced in May.
ABOUT SMARTBIZ LOANS®
SmartBiz Loans is a unique combination of an online SBA loan marketplace and a bank enabling technology platform. The Company's online software provides the SBA preferred lenders that utilize SmartBiz customized and automated origination, underwriting and documentation assistance, making approval and funding fast and easy for small business owners.
SmartBiz Advisor™ is the first, AI-driven online education tool to make financial insights and analysis provided by a typical CFO available to small businesses at no cost. With SmartBiz Advisor, small business owners can learn whether their small business is likely to be approved for a low-cost SBA loan before they apply and monitor the financial health of their business over time.
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 Uncork Capital. Learn more at www.smartbizloans.com.
ABOUT SEACOAST BANK (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $5.8 billion in assets and $4.6 billion in deposits as of December 31, 2017. The company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 49 traditional branches of its locally branded, wholly owned subsidiary bank, Seacoast Bank, and seven commercial banking centers. Offices stretch from Fort Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. More information about the company is available at SeacoastBanking.com.