refinance loans they took out through online direct lenders like New York-based OnDeck.
The companies who have taken out loans through BankMyBiz include MobCraft Beer, a Milwaukee-based brewery that has raised money from a number of different sources, including a crowdfunding campaign.
Adam says one thing that sets BankMyBiz apart from competing lenders that also target the lower end of the market is the speed at which it is able to evaluate loan applications. Through the use of software algorithms the company has developed, BankMyBiz is able to underwrite many applications on the same day they are submitted, he says.
In the coming months, Adam says his company will focus on partnering with more community banks, particularly ones headquartered in the Midwest and Southeastern United States. He says part of what goes into forging these relationships is persuading leaders at banks that not all aspects of the emerging financial technology, or fintech, sector should be feared.
“Our major message to the banks right now is, ‘Hey, we’re a financial technology company for the banks,’” Adam says. “We are another arrow in your quiver. Don’t be scared by fintech. We’re a fintech that’s here to help you—let’s sit down and talk.’”
