SAN JOSE, Calif. – Credit unions looking to dive deeper into small business lending can seek help from the San Francisco-based SizeUp, one of the presenting companies at FinovateSpring 2015.
SizeUp FI is a new service that enables financial institutions to provide members and customers with valuable business intelligence directly through its own website. Using analytics and information gathered from hundreds of public and private information sources, the system analyzes whether a business' projections are reasonable. The data also helps the financial institution create stronger partnerships with business customers and helps the businesses succeed.
“We're trying to work with financial institutions to help them work with their small business clients,” Anatalio Ubalde, CEO of SizeUp, said. “In an information economy if you don't have information you don't have economy.”
Credit unions are in an ideal position for SizeUp because credit union, need a scalable solution, Ubalde maintained.
“We have a different solution,” he said. “We have become industry experts on relevant, everyday, unique businesses.”
Solutions such as these are timely since credit union members will soon have greater access to capital to start or expand a small business, due to a joint initiative between the U.S. Small Business Administration (SBA) and the NCUA.
The SBA and the NCUA recently signed a memorandum of understanding to expand the accessibility of small-dollar SBA loans from credit unions. By collaborating, the two organizations wish to escalate awareness about the SBA's loan programs.
“Since 2011, the outstanding balance of SBA loans by credit unions has seen nearly a 50% increase – from $810 million to $1.2 billion,” Maria Contreras-Sweet, administrator of the SBA, said. “This signals a growing demand for SBA loan programs. Millions of Americans have used their credit union to finance their car, home or children's education. We want to empower credit unions to finance small business start-ups, too.”
Once approved for a loan, the SBA uses its resources to offer free counseling and technical assistance to help small business owners deploy their working capital and grow their businesses and revenues, the SBA said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
