Freedom Bank Focuses on Growing Small Business Relationships Through the StreetShares Platform
Regional bank selects technology to meet the needs of small business owners
RESTON, Va., Dec. 17, 2019 /PRNewswire/ -- When Freedom Bank decided it was time to acquire more and deeper relationships with small business clients, management selected the StreetShares Platform to meet the lending needs of those clients.
Freedom Bank, headquartered in Fairfax, Va., was founded in 2001 with the mission of building relationships with businesses, real estate owners, and professionals. It strives to provide compelling ideas, relevant financial products, and exceptional service to its clients. In 2018, the bank adopted a new community banking strategy of innovation and has now launched numerous technology initiatives of both owned and outsourced products to meet today's demands. Today, the bank has approximately $500 million in total assets, and its commercial business as well as small business lending portfolio is growing.
"We wanted a platform that would allow us to attract new clients with appropriately structured loan products funded into a Freedom Bank deposit account that clients can manage using our industry-leading online banking platform," said bank President and CEO Joseph J. Thomas. "We selected the StreetShares Platform because it allows us to serve entrepreneurs and small business owners with debt solutions that may not fit within a regulated bank due to the credit profile of the client or may require a quicker turnaround than a bank can provide."
Freedom Bank is now able to provide its customers with options for unsecured lines of credit and loans faster while being more competitive. The bank can provide instant pre-approvals and funding typically within 24-hours after credit approval. 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. It took StreetShares less than 2 weeks to implement the platform.
"The StreetShares Platform gives banks like Freedom the means to improve its ability to serve small businesses with proven technology that features digital interfaces and underwriting," said Mark L. Rockefeller, CEO of StreetShares. "Small to medium-sized banks and credit unions are realizing StreetShares Platform can enable them to increase their small business lending capabilities with very little effort on their part. It gives them faster and easier access to funding on a cost-effective, cloud-based platform."
StreetShares, a financial technology company, developed the small business lending-as-a-service (LaaS) platform to help financial institutions offer small business loans through a seamless digital experience with a pre-approval decision in minutes and funding within 24 hours after credit approval.
About StreetShares
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, omnichannel 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.
Press Contacts:
Charlyne H. McWilliams
Media Contact
For StreetShares
[email protected]
(301) 933-5567
SOURCE StreetShares, Inc.
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