U.S. Bank has debuted its online lending portal for small business borrowers, the financial institution announced on Tuesday (Sept. 25).
Following in the path of alternative and marketplace lenders, traditional banks are increasingly digitizing their financing offerings for small firms. The latest to do so is U.S. Bank, which revealed its online lending platform for small businesses to access a loan or line of credit. Business owners can access up to $250,000 with the service, which offers an all-digital application process via mobile device or desktop.
According to U.S. Bank, small firms can complete an application within an hour. If approved, borrowers can also view and manage their financing details online.
U.S. Bank said it designed the portal in response to small business customer feedback and demand. According to the bank, the solution was designed entirely in-house, providing enhanced security of small business data.
The FI cited its own research published in its 2018 Small Business Survey, which found nearly two-thirds of small business owners agreed they could improve their time management. Most SMBs also said they would prefer to use multiple channels to interact with their banking service provider. U.S. Bank said its online banking portal can address both of these needs, providing an omnichannel loan experience for small firms while saving time for business owners.