Posted:31 Mar 2020
APiO, a leading provider of private company credit automation solutions for credit unions, banks, and other alternative lenders, announced today that they have joined forces with Member Business Lending (MBL) to bring rapid and accurate risk evaluation and credit scoring using APiO.CREDIT to Credit Unions and their business members. Leveraging the APiO.CREDIT Pre-underwriting, Risk, and Credit Platform, MBL can now provide accurate and rapid credit reviews and loan pre-eligibility screening for Credit Unions and their business members. Unlike traditional loan applications and credit review processes that are both time consuming for the member and expensive for the credit union, the APiO.CREDIT platform is the simplest, fastest, and most comprehensive approach possible.
According to SmallBizGenius, 88 percent of small businesses fail due to cash flow issues. In addition, small businesses account for 99.9 percent of all businesses in the United States (U.S. Small Business Administration Office of Advocacy) further underlining small business impact as the backbone of the American economy. As we face uncertain times due to COVID-19, it is certain that many SMBs will be in serious need of expedited loans to cover payroll, expenses and working capital.
While consumer credit is easily obtained by credit scores and files provided by the leading credit bureaus, small business credit must be determined manually, each time, which creates massive delays, higher costs and a painful member experience. In addition, current tools and technologies don’t easily allow credit unions and their employees to best serve members and their working capital needs in challenging times such as these. Solutions that can be deployed effectively with a remote or distributed workforce will yield better results for the CU and for their members.
“APiO.CREDIT empowers MBL to give our credit unions and their members an accurate business loan decision in less than five minutes,” said Shane Knighton, CEO of Member Business Lending. “As most know, it can painfully take days and even weeks to get answers. We are pleased to say that these days are over for SMBs who take advantage of the revolutionary MBL and APiO.CREDIT offerings.”
Echoing Knighton’s sentiment, APiO CEO William Borghetti added, “Working with MBL is an excellent opportunity to partner with a leading credit union service organization in the business lending space. The addition of APiO.CREDIT to MBL’s offerings now gives credit union SMB members instant answers so that they can grow their businesses and continue to fuel the American economy.”
For more information about how MBL accelerates and automates SMB lending with the APiO.CREDIT platform, please call 801.572.3939 or email email@example.com.
Member Business Lending (MBL) is a credit union service organization (CUSO) established in 2004 which has built a strong reputation among regulators and credit unions for their Commercial Lending and SBA Lending expertise and efficiencies. MBL’s corporate office is located in Utah and provides comprehensive business lending services to credit unions across the nation. www.mblcuso.com
APiO Inc. is a Salt Lake City-based FinTech company focused on helping SMBs achieve faster access to the financial services they need. Simultaneously, APiO gives financial services firms the tools and technology to improve how they serve their SMB customers. APiO.CREDIT™ is a new, leading edge private company credit automation platform built on direct integration with leading accounting systems; it provides financial services firms with a rapid, secure and cost-effective way to acquire and normalize financial data, evaluate risk and monitor an SMB’s creditworthiness in real-time. www.apio.tech