Lendsmart and Griffin Technologies, two fintech companies building software for banks & credit unions, have partnered to provide their customers a complete end-to-end solution for the Small Business Association’s (SBA) Paycheck Protection Program (PPP).
By combining Lendsmart’s AI technology to automate the SBA PPP application with Griffin’s marketing platform to reach hyper-targeted small business owners, banks & credit unions can process more applications and find new customers to serve.
“Griffin and Lendsmart’s technology work seamlessly together,” said Donald Hawkins, Founder & CEO of Griffin Technologies. “Lendsmart increases the number of loans a bank is able to process, and Griffin helps banks to acquire qualified SMB leads.”
Both solutions are able to serve financial institutions independently, but their strategic partnership enables them to supercharge their offerings — giving community banks & credit unions a leg up in a competitive marketplace.
Since the SBA’s PPP loan launched at the beginning of April, over 1.6 million small businesses have been approved for the $350 billion loan program. However, many of these small businesses struggled to understand the application and requirements while others were frustrated to learn local banks weren’t processing SBA PPP loans.
As noted by CNBC, “Many businesses had trouble finding bank lenders to accept their applications, especially if their personal bank wasn’t participating in the SBA’s program, after the application process kicked off at the beginning of April.
Those worries escalated when the CARES Act loan depleted in just two weeks on April 16th. According to Forbes, the number of applications approved so far is only a small fraction of the number of small businesses in the U.S., potentially indicating just how many businesses are still waiting for access to relief funds.
Now with the government close to a deal that would increase PPP loan funding, Lendsmart and Griffin are partnering to help community banks & credit unions do better, as well as alleviate stress for small businesses applying for the loan.
Lendsmart’s artificial intelligence technology gives community banks & credit unions an end-to-end solution to automate & digitize the SBA PPP application process, making the application easy for small businesses and allowing financial institutions to exponentially increase the number of loans they are able to process (one of Lendsmart’s customers saw a 600% increase in the number of loans they were able to process). Furthermore, financial institutions can be easily onboarded with a custom white-labeled solution within hours.
“With financial institutions struggling to manage the high number of applications and small businesses in need of immediate funds, we saw an opportunity to speed up and simplify the mostly manual process using our existing technology,” said AK Patel, Founder & CEO of Lendsmart.
Through contextual, search, financial, and behavioral insights, Griffin’s location-based marketing & analytics platform helps community banks & credit unions find and reach new, qualified customers who are looking for a bank to help them apply for the SBA PPP loan. Their software gets banks in front of their target audience with real-time, customized messaging — increasing the likelihood of conversion by 3x.
“When we heard of small businesses struggling to find financial institutions that could process the SBA PPP loan, we knew we needed to increase visibility around Griffin’s technology to connect them to interested financial institutions,” said Donald Hawkins.
The two companies hope that their partnership will bring the remainder of the PPP loan funding back to its original intent — alleviating stress on small businesses nationwide.
More About Lendsmart
Lendsmart uses artificial intelligence to digitize the lending and home buying processes for banks and credit unions, allowing borrowers to get a loan, mortgages to purchase a home in record time or even refinance. Their centralized platform unifies all parties involved while also automating manual tasks, improving accuracy, minimizing lender risk, and reducing origination and operational costs. Features include a real-time service provider, an AI-powered underwriting process, the ability to instantly verify assets, income, employment, and identity, and auto-completed 1003 and loan application forms. Their software works with small business loans, refinancing, and Home Equity Lines of Credit (HELOC).
More About Griffin Technologies
Griffin Technologies gives community banks & credit unions a leg up in the 21st Century – helping improve client relationships, increase sales, and compete with large financial institutions. Their marketing and data analytics platform connects banks to new and existing customers in the moments that matter and stay top of mind through the customer decision-making process. Griffin’s Customer Engagement Solution uses contextual intelligence to improve customer retention and increase share of wallet. Their Audience Growth Solution helps banks reach new customers through targeted marketing.