Bankwell Financial Group has announced an alliance with Lendio to use its platform to deliver SBA 7(a) loan offers to applicants seeking business loans. Intelligent Lending delivers instant business loans This collaboration will use Lendio’s Intelligent Lending platform to source, underwrite, and deliver instant SBA 7(a) loan offers to business loan applicants.

Additionally, Bankwell will make the most of Lendio’s digital loan application to provide loans to its current depositors, new loan seekers, and select customers sourced through its partners. Lendio provides tailored software that automates the loan decision-making process, uses AI to connect businesses with appropriate financing options, and incorporates a loan marketplace into service providers' platforms, enabling businesses to access the necessary capital for their success. Bankwell representatives have mentioned that partnering with fintech companies allows them to offer quick and efficient service to both current and new clients.

The cooperation with Lendio is aimed at helping small businesses access necessary funds without any unnecessary delays. The objective is to upgrade the banking experience and meet the needs of the customers. SBA loans have traditionally required 30 to 60 days to process.

However, with this new partnership, Bankwell is now able to deliver instant offers using automated underwriting technology. Business owners prefer applying through an app for loans 85% of small business owners consider the speed of loan approval important when choosing a lender, while 77% express a preference for applying online or through a mobile app. Intelligent Lending, a Software-as-a-Service (SaaS) solution, helps banks and financial institutions, such as Bankwell, to assess risk via a digital application and automated underwriting that uses transaction-driven analysis.

Lendio officials announced that while SBA loans have long been considered the gold standard for small business financing, they have not been processed as quickly as other financing options until recently. They are pleased to collaborate with Bankwell on this initiative to improve the small business lending landscape. .