Popular Bank, one of the nation’s premier banks and the principal U.S. mainland operating subsidiary of Popular, Inc., announced its partnership with FinTech leader Biz2Credit to expand the bank's digital presence and streamline its small business loan application process.
Through this relationship, Popular Bank will leverage Biz2Credit’s patented analytics and technology platforms to process small business loan requests – between $25,000 to $1,000,000 for Commercial Term Loans and Lines of Credit, and $100,000 to $1,500,000 for Commercial Real Estate Secured Loans. Loan applicants will enter information through a new online small business portal on PopularBank.com. This technology will enable Popular Bank to provide its small business customers greater and easier access to financing.
Using the new online lending platform, Popular Bank’s small business customers will be able to process funding requests faster and more efficiently. The digital application will enable business owners to apply for credit when and where it is most convenient for them, outside of traditional banking hours including evenings or over the weekend. The mobile-first approach means they can apply from any device, laptop or smartphone. According to Biz2Credit, more than half of its small business loan applications are filed via smartphone or tablet.
“Popular Bank is expanding the bank's digital presence to radically streamline our small business loan application process. The partnership with Biz2Credit is another stepping stone in our efforts to continually look for new ways to help small businesses grow and achieve their goals. We are proud of our long history in serving small businesses in New York, New Jersey and South Florida, and are committed to offering our customers easy access, speed and security in their transactions,” said Manuel Chinea, COO of Popular Bank.
“This is an important partnership for small business owners who are seeking capital to grow their companies,” according to Biz2Credit's CEO and co-founder Rohit Arora, one of the leading experts in small business finance in the United States. “Small businesses keep growing and like other business owners, they need access to capital in order to pursue their business goals.”