Grasshopper Bank in New York has unveiled a new partnership deal with small business financing platform Lendio, founded by CEO Brock Blake and CPO Trent Miskin in 2011, to help improve capital access for small businesses in the US.
The partnership is focused on Small Business Administration (SBA) loans specifically, with the digital commercial bank first opting for the Lendio platform in April, before closing its first deal in May, an announcement made this week reveals.
Grasshopper is using Lendio to source complete loan packages for its SBA programme, while also making use of the vendor’s customer acquisition, AI decisioning and financial spreading tools to manage loan originations.
The development allows small businesses to apply for SBA loans online with the added benefit of quick decisions, as Brennan Quenneville, head of SBA lending at Grasshopper, explains: “Through leveraging Lendio’s AI-driven platform, we’re innovating on SBA loan delivery in a way that accelerates decisioning and funding timelines, bringing capital to clients with the urgency they often need.”
Grasshopper has sought to meet the financial needs of small businesses across various technology initiatives since revamping its digital banking platform in 2022. The bank currently uses generative AI to onboard clients through its partnership with Greenlite, announced last year.
Source: https://www.fintechfutures.com/
