PORTLAND, Ore.--(BUSINESS WIRE)--Mirador, the leading small business lending platform provider, crossed a critical growth milestone this week, doubling its cumulative loan volume from $1 billion to $2 billion. This 100 percent growth in loan volume occurred in just a nine-month period, from January to October 2018, an indicator of accelerated growth for Mirador. The first billion-dollar threshold was crossed after a 38-month period, as measured from the company’s inception in 2014. Small business lenders across the U.S., at regional, mid-sized, and community banks, along with credit unions and non-profit lenders, are now using Mirador to help small businesses fund growth initiatives.
“Mirador’s accelerated growth means we can help more financial institutions provide faster, convenient access to reasonably-priced credit to their small business banking customers,” said Mirador co-founder and CEO, Trevor Dryer. “I’m thrilled we’ve been able to partner with so many traditional financial institutions to help them create a modernized lending experience that’s better for borrowers and more profitable for lenders.”
Rooted in its commitment to provide its partners with the leading small business digital lending platform and the most delightful digital experience for both borrowers and lenders, Mirador offers an ever-broadening list of capabilities. Mirador now supports nine loan types - more than any other digital lending platform. Earlier this year, the company announced platform enhancements making it the first with automated decisioning seamlessly connected to a digital loan application. When combined with the Mirador Platform loan application and auto-routing, the lending process becomes automated, enabling a fast and efficient experience for lenders and borrowers.
To support this sustained growth, Mirador also expanded its executive leadership team this year, bringing on Carol Glover as Chief Revenue Officer and Julie Crawford as Chief Operating Officer/ Chief Financial Officer.
Industry watchers are recognizing Mirador for its leadership in digital lending as well. In 2018, Mirador won a Portland Business Journal Small Business Innovation Award and was recently nominated for a 2018 BankNews Innovative Solution Award.
The most important growth statistics measure the improved experience, both for borrowers and lenders, that Mirador enables. On average, Mirador partner banks increase application-completion rates to 65 percent, compared to the industry average of 25 percent. They report impressive results as well, with one partner bank in New York reducing time spent processing loans by 69 percent while growing loan volume by 30 percent. Borrowers are more satisfied than ever, too: With typical reduction in application time from over 30 hours to less than 10 minutes, borrowers give Mirador an average Net Promoter Score (NPS) of 86, considered high across industries.
“Small businesses are the lifeblood of our economy, and funding from community and local branch banks is critical to the viability of small businesses,” explained Dryer. “We’re happy to empower so many financial institutions to provide the capital small businesses need to grow. I’m very proud of the Mirador team and the work each member does every day to realize our mission to engineer the lending revolution.”
Currently, Mirador’s digital small business lending platform powers leading financial institutions including Umpqua Bank, NYBDC, Zions Bank, Hanmi Bank, First Foundation, and Tompkins Financial, among others.
To learn more about the Mirador platform, visit: https://www.miradortech.com/product/.
Mirador is engineering the lending revolution. Mirador’s leading digital lending platform powers a new type of relationship between small businesses and lenders, enabling banks to profitably decision loans within 24 hours or less. The Mirador Network is a digital lending marketplace connecting small business organizations with lending options. Today, Mirador works with leading banks and credit unions across the U.S. and has processed more than $2 billion in small business loan applications. For more information, please visit www.miradortech.com.