The non-profit lender is evaluating integrating with Lendsmart’s Loan Management System, which would expedite small business loans for traditionally underserved businesses.
NEW YORK, Dec 22, 2021— Lendsmart, an AI-driven digital lending platform, today announced its potential partnership with Allies for Community Business (A4CB), a Chicago, IL based non-profit that provides the capital, coaching, and collaboration entrepreneurs need to grow their businesses.
With Lendsmart’s technology, A4CB is evaluating a proof of concept that could streamline lending and increase loan efficiency by offering its borrowers one end-to-end digital experience. A4CB has disbursed over $500 million in loans and grants over the last two years, coached over 18,000 community businesses, and funded over 35,000. The lender prioritizes working with entrepreneurs that have been traditionally underserved: Black, Latinx, women, or low income.
“Our vision is that entrepreneurs from any background can start and grow businesses that create generational wealth for their families and communities, and a core part of that is providing the capital they need when they need it,” said Brad McConnell, CEO of A4CB. “The goal of investigating additional digital solutions, like Lendsmart, is to continue to evaluate ways to process more loan applications and approve loan applications faster than before.”
By automating manual tasks, improving accuracy, minimizing lender risk, and reducing origination and operational costs, Lendsmart reduces the application process to 10 minutes, allowing lenders to provide expedited small business loan approvals and an enhanced customer experience.
“We admire A4CB’s mission and are pleased to partner with them to help them process a higher volume of loan applications and therefore, help more small businesses,” said AK Patel, Founder and CEO of Lendsmart. “Our Loan Management Platform will also significantly improve the application process for entrepreneurs and speed up the approval process.”
Through the partnership, A4CB will investigate how it could maximize its lending capabilities and provide a next-level experience to early, emerging, and established businesses.
About Allies for Community Business
Allies for Community Business (A4CB) provides the capital, coaching, and collaboration entrepreneurs need to grow great businesses in their communities. The nonprofit offers term loans and lines of credit between $500 and $100,000 to early, emerging, and established businesses in Illinois and Indiana. For more information, visit https://a4cb.org/.
Lendsmart (Founded in 2018) is an AI-driven digital lending platform that automates and digitizes lending and home buying operations to create a single, automated conversational experience for banks, credit unions, and non-bank lenders. Using artificial intelligence to digitize up to 70% of the lending and home buying processes, Lendsmart allows borrowers to get a loan, refinance, or purchase a home in record time. For more information, visit https://lendsmart.ai.