Grasshopper Bank has announced its partnership with Lendio to bring instant Small Business Administration (SBA) loan offers to market on Lendio's Marketplace.
Following this announcement, the collaboration directly addresses the slow, manual processes that have hindered small business owners from quickly qualifying for and receiving an SBA loan offer.
In addition, by leveraging Lendio's customer acquisition and AI-powered decisioning tools, Grasshopper is expected to streamline the entire SBA top-of-funnel process from application to approval, enabling a faster, more modernised approach to SBA lending. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the Grasshopper Bank x Lendio partnership
According to the press release, through the process of leveraging Lendio's AI-driven platform, Grasshopper Bank will focus on optimising the SBA loan delivery in a way that accelerates decisioning and funding timelines, as well as bringing capital to clients with the urgency they often need. At the same time, Grasshopper will leverage Lendio to source complete SBA loan packages efficiently, aiming to improve efficiency through technology while enabling its team to focus on developing loans that fuel business growth and delivering high-value support to small business clients.
While loan applications are originated through Lendio's customer acquisition platform, this process will engage with small business owners directly in order to develop an imrpoved entry point. AI-powered financial spreading and Debt Service Coverage Ratio (DSCR) calculations will then streamline the underwriting process, aiming to allow faster, more accurate decisions. For qualified applicants, personalised SBA offers will be generated instantly, further reducing bottlenecks and delays.
Furthermore, this collaboration will also focus on Grasshopper's broader, comprehensive SBA strategy, integrating Lendio's technology alongside the bank's traditional and direct lending channels in order to provide small businesses with faster, more flexible access to capital.
