Most credit unions want more small business loans but struggle to process them efficiently, slowing their lending growth.
Credit unions, most of them, want more small business loans on their books but few credit unions know how to speedily and profitably process small business loan applications and consequently most are lagging when it comes to booking business.
Meet Alex McLeod, a serial startup entrepreneur who now is tackling thee small business loan market with AI powered software that her company, Parlay Financial, is now selling to credit unions.
Her key message: succeeding in the small business marketplace requires the ability to offer fast verdicts on a loan app – same day preferably. And because many of these loans are small, machines have to carry a lot of the load.
The rest of her message is that the technology to enable all this is at hand. ANd that’s the game changer that just may help many credit unions to finally succeed at small business lending.
Heads up: the show begins with around five minutes where we learn Alex;s journey to now and Parlay Financial. Most of these shows have similar chat at the beginning but usually that winds up on the cutting room floor. Not this time. You’ll know why when you hear this story.
