Mirador, the leading small business lending platform provider, announced today that MidFirst Bank, one of the country’s largest privately-owned banks with approximately $15B in assets, has selected Mirador’s platform to digitize its small business lending process.
This partnership positions MidFirst to grow its small business lending program, compete with alternative lenders, and serve its small business customers more efficiently.
Many banks are digitizing their small business loan application processes to match the speed and convenience of alternative/digital lenders. In a recent American Banking survey of 200 banks, only half of large banks (assets $1+ billion) and 38 percent of small banks (assets under $1 billion) said they use a digital loan origination channel.
Additionally, only 13 percent of small banks and 32 percent of large banks said they offer instant credit decisions. Concerned about efficiency, cost and operations, 80 percent of survey respondents said they would be interested in using technology to digitize their small business lending business.
“MidFirst Bank is a leading small business lender and demonstrates its commitment to customer service and trust every day in the communities it serves,” commented Trevor Dryer, co-founder and CEO of Mirador. “We’re thrilled to be a part of this step in MidFirst Bank’s journey to digitize their small business lending process and nurture small business growth.”
Susan Simper, Director of Business Express at MidFirst Bank, explained: “The Mirador digital lending platform gives us the ability to provide our small business customers with an intuitive application with secure documentation uploads while integrating our credit policy and underwriting processes.”
“Unlike digital lenders, local banks like MidFirst offer business owners’ access to preferred rates and terms that online lenders simply cannot provide,” Simper said. “Small business owners are busy all day, every day running their businesses and time to apply for a loan needs to be on their schedule. The Mirador platform is digital and always-available, streamlining communication and enabling us to serve customers when it’s convenient for them.”
MidFirst Bank expects its new digital application to handle all of its Business Express loan volume in Arizona and Oklahoma for requests of $1 million or less.