LOS ANGELES--(BUSINESS WIRE)--Assembled Brands, a leading financial technology company and capital provider for small businesses, and Fractal Technology, a unique software development partner for innovative and evolving companies, today announced the launch of Assembled Financial Technology (“AFT”). Developed by some of the most sophisticated and experienced programmers in the world, AFT has created a software solution that provides lenders in the Small Business Administration (“SBA”) 7(a) loan program with the ability to enhance and automate the process that has prevented vital resources from reaching the businesses that most need support during this unprecedented pandemic.
At a time when millions of small businesses are seeking to access the nearly $400 billion allocated in the Paycheck Protection Program (“PPP”), it is critical that the systems connecting prospective borrowers with banks and the SBA work seamlessly. The AFT software creates a process to enable seamless, automated connections between applicants and lenders by implementing an innovative suite of software tools within the lender’s existing infrastructure, thereby expediting processing times, enhancing monitoring capabilities and providing verification for loan forgiveness. Enhanced integration will also benefit the thousands of technology and consumer companies interacting with banks through their own financial service offerings.
With backgrounds ranging from the Department of Defense and Space Force to blue-chip companies and financial institutions such as Goldman Sachs, J.P. Morgan, Apple and CoreLogic, AFT’s experienced engineers are positioned to embed alongside the lender’s existing development team to create a tailored, customized system to the benefit of all participants. As a result, banks can rapidly increase loan origination and approval capacity, and smooth out workflows, ultimately providing more capital to the businesses that need it most.
“As a partner and resource for small businesses across the country, we understand firsthand the impact that uncertainty can have on a company and the livelihood of its employees. Small businesses are the foundation of the American dream and our mission from day one has been to preserve and cultivate that legacy,” said Adam Pritzker, Founder and CEO of Assembled Brands. “Through our continued commitment to rapidly and transparently underwriting small business financing and offering data insights through best-in-class software, we have built the tools required for automated loan processing and portfolio monitoring. Seamlessly connecting borrowers, lenders, and the SBA is a necessary step in upgrading our financial infrastructure. We are prepared to support borrowers, lenders, and the government in both the PPP program and across the broad small business lending spectrum.”
“Now, more than ever, small businesses across America need quick access to capital. Clearly, there is an extremely urgent need for funding; it’s a race against time,” said Sara Lipscomb, former General Counsel and Chief Risk Officer of the SBA. “This is about more than ‘just business’ -- it’s about unlocking capital extremely quickly to keep small businesses around the country afloat and it’s about the health of our country.”
“Our software will rapidly accelerate the SBA loan application process for lenders and small businesses across all consumer verticals,” said Ross Hale, CEO of Fractal. “In the wake of this unprecedented influx of demand, our tools will further amplify the banks’ exceptional efforts to accept, review, and process inbound loan requests in an efficient manner, while also providing ongoing monitoring services for those portfolios of loans. Our team of developers will work hand-in-hand with in-house staff to install and customize the software to meet each lender’s unique needs.”
For more information about the AFT software and how to get started, please visit www.assembledfinancial.com.
About Assembled Brands
Assembled Brands is a financial technology company that provides rapid financing, business insights, and an unrivaled network to small companies. Operating in tandem, these three pillars present a novel opportunity to provide alternatives to traditional venture financing.
About Fractal Technology
Fractal was born to help innovators and disruptors harness the full power of custom software development. We've codified best practices from Silicon Valley in software development, team building, and culture to help you make building software a core competency of yourself and your organization.