SEATTLE, Dec. 9, 2015 /PRNewswire/ -- Washington Federal and Lendeavor Inc. announced a partnership that signals a shift in small business lending, combining the streamlining benefits of a financial technology company with the low-cost capital and service of a bank.
Washington Federal is licensing Lendeavor's cloud-based platform to power a digital experience for the bank's small business clients, loan officers, and credit underwriters. Small businesses will select loan products, apply for loans, and upload documents online. Washington Federal's bankers and underwriters manage the loan application on Lendeavor's software. If small businesses aren't qualified for the bank's options or require capital more quickly, they can access Lendeavor's curated lender network, which includes vetted sector speciality lenders, SBA lenders, equipment lenders, and alternative lenders.
"Lendeavor's platform enables our branch employees, bankers, and underwriters to be more efficient," said Stasha Reed, Washington Federal's Head of Small Business Banking. "It will allow small business clients to complete their financing more quickly, and we expect with a higher level of customer satisfaction. It will also help us to maintain relationships with small businesses we aren't able to lend to."
"Washington Federal is the first bank to become a true online 'one-stop shop' for their small business clients' credit needs," said Lendeavor CEO Dan Titcomb. "We're excited to be involved, and we believe this is an exciting signal of things to come."
About Washington Federal
Washington Federal, Inc. is the parent company of Washington Federal, a national bank that operates 245 branches in Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas and New Mexico. Established in 1917, the bank provides consumer and commercial deposit accounts, insurance products, and financing for small to middle market businesses, commercial real estate and residential real estate, including consumer mortgages and home equity lines of credit.
Lendeavor creates and operates business credit marketplaces. Partners including banks, vendors and service providers, use these marketplaces to provide fast, transparent financing to business clients. Based in San Francisco, CA, Lendeavor's mission is to empower small businesses with transparency, information, and technology.
SOURCE Lendeavor, Inc.