Academic journal article ABA Banking Journal

ABA Endorses Small Business Lending Tool

Academic journal article ABA Banking Journal

ABA Endorses Small Business Lending Tool

Article excerpt

ABA has endorsed the Proceed Business Loan, which is offered to banks exclusively through an affiliate of Promontory Interfinancial Network, LLC. The loans are underwritten by On Deck Capital Inc. LLC.

Proceed enables banks to provide small business Loans to customers that do not qualify for more traditional Loans with risk-adjusted, fixed-rate, fixed-term loans of up to $100,000. Banks offering Proceed do not incur any Lending risk or underwriting costs, making it an ideal solution for those that want to meet heightened Loan demand without adding to their balance sheets.

The Proceed Business Loan can help banks retain existing relationships that they might otherwise Lose to alternative funding providers, such as merchant cash advance companies. Additionally, it can help banks attract new small business customers and the checking accounts that come with these relationships.

The Proceed Business Loan is a turnkey Loan product that bridges the gap between traditional bank Loans and other loan alternatives. …

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