Federal savings bank attracted to innovative technology, customer service
RESTON, Va., Oct. 2, 2019 – StreetShares, a financial technology company, today announced it has partnered with Farm Bureau Bank (FBB) to provide small business lending services to Farm Bureau’s six million member families nationwide. Leveraging StreetShares’ small business Lending-as-a-Service (LaaS) Platform, the bank can now offer small business loans with a seamless digital experience including a decision in minutes and funding within 24 hours.
Farm Bureau Bank operates as a full-service digital bank nationally and can now deliver fully-digital business loan applications across all channels. The bank cited StreetShares’ advanced technology that serves every aspect of the loan lifecycle, as well as its turnkey approach, as key deciding factors.
“We’re excited to partner with StreetShares to enhance our lending capabilities,” said Bob Baker, Director of National Accounts at Farm Bureau Bank. “Since implementing the business lending platform, we have been able to expand our offerings and provide our members an innovative solution that meets their unique needs and helps them better manage and grow their businesses. Using StreetShares’ platform, the entire process is incredibly easy, enabling members to apply from the comfort of their own home or office and get a decision in a matter of minutes, and funding in a matter of hours. This integration positions us for continued growth while helping us create long-lasting relationships.”
StreetShares’ flexibility and commitment to providing stellar service to underserved populations was also instrumental in FBB’s decision to work with the fintech company.
“Since StreetShares is veteran-run, and we cater to rural America, we knew our values and mission would align with rural Americans’ small business lending needs,” added Baker. “We are grateful to work with a team of experts who are forward-thinking, reliable and focused on helping us and our customers achieve our goals.”
Through LaaS, Farm Bureau offers unsecured lines of credit to make its loans faster and more competitive. The bank can provide instant approvals and 24-hour funding.
Additionally, the bank does not have to integrate the platform with its core banking software, allowing for a seamless transition to attract and retain new small business deposit accounts.
“By implementing LaaS, the bank can provide a better customer experience and expand its business lines,” said Mark L. Rockefeller, CEO of StreetShares. “We look forward to our continued collaboration in bringing small business lending to more qualified entrepreneurs across the country.”
StreetShares is an award-winning financial technology company that helps financial institutions provide high-quality loans to small businesses. Launched in 2014 as a low-cost, digital lender to veteran-owned small businesses, StreetShares built a best-in-class small business underwriting technology. StreetShares launched a Lending-as-a-Service (LaaS) platform to allow community banks and credit unions to affordably make small business loans with a 100% digital, omni-channel experience, with one-day underwriting. The StreetShares platform can be up and running in a community bank or credit union in 30 days with no core software integration. StreetShares was named 2018 EY Entrepreneur of the Year and 2017 Innovator of the Year. For more information, visit streetsharesplatform.com.