Provident Bank teamed up with Fundation to announce a new digital lending solution that will enable the New Jersey-based bank to offer a new, streamlined, end-to-end, lending program for small businesses seeking a business loan or line of credit.
The solution enables small businesses to apply for term loans from $15,000 to $250,000, and lines of credit from $20,000 to $150,000, and receive funds in as little as one business day, according to the company’s press release.
“We’re proud to extend our commitment to small businesses through this strategic alliance with Fundation,” Retail Banking Director and Executive Vice-President Josephine Moran said in the release. “This will enable us to effectively serve the growing small business market by providing the capital many small businesses need to grow and reach their full potential.
“In turn, this will assist these businesses to flourish and create new jobs in our communities,” Moran added.
Fundation CEO Sam Graziano commented on the company’s platform.
“This was developed to deliver credit with speed and convenience to small businesses, without asking them to compromise the quality of product and pricing they expect from their bank partner,” Graziano said. “Aided with this new capability, Provident Bank will be able to offer their local small business customers a market leading lending program.”