U.S. Bank Launches Digital Small Business Lending
September 24 2018 - 12:05PM
Business Wire
New process is designed to serve single-owner
businesses seeking up to $250,000
U.S. Bank has created a new, fully digital option for small
businesses to apply for and receive a loan or line of credit.
The digital process is part of a broader evolution of how the
bank interacts with customers. Single-owner businesses within U.S.
Bank’s 25-state footprint can qualify for up to $250,000 through
the all-digital process. The application can be completed on any
device – mobile, tablet or computer – and if approved, it will
allow the borrower to review their loan details and electronically
sign their closing documents.
The entire process, from application to funding, can be
completed same day, often within an hour or less, dramatically
speeding up the experience for busy entrepreneurs. It provides
access to existing U.S. Bank lending products, which carry the same
attractive rates, full-service support and deep resources of the
nation’s fifth-largest bank.
“We created this new digital experience to deliver on our
commitment to continuously improve the way we serve our customers,”
said Tim Welsh, U.S. Bank vice chairman of Consumer Banking Sales
& Support. “This is the first of several exciting digital
initiatives we’re pursuing that we believe will better serve the
needs of small businesses and consumers.”
Using regular feedback from small business owners, U.S. Bank
developed the new process entirely in-house, allowing the bank to
maintain strict security for business owners throughout the
process.
In U.S. Bank’s 2018 Small Business Survey, nearly two out of
three (63%) business owners indicated they could do better managing
their workload and personal time, with an overwhelming majority
also expressing a desire to use multiple channels to interact with
their business bank.
“We know business owners want their bank to provide simple and
secure solutions that they can access despite having very busy
schedules,” said Scott Beyer, vice president and agile experience
owner for U.S. Bank. “Imagine getting business financing through a
trusted national source after your kids are in bed or before your
weekend morning crew arrives for work? Now, thanks to U.S. Bank,
it’s possible.”
To access the new tool, visit
https://www.usbank.com/small-business/
U.S. Bank meets the needs of businesses with a wide range of
products and services that include loans, deposit accounts and cash
flow management, card payment and acceptance tools, equipment
leasing and wealth management. It is one of the nation’s most
active SBA lenders, ranking fifth for SBA 7(a) loan volume and
units.
About U.S. Bank: U.S. Bancorp (NYSE: USB), with 74,000
employees and $461 billion in assets as of June 30, 2018, is the
parent company of U.S. Bank, the fifth-largest commercial bank in
the United States. The Minneapolis-based bank blends its
relationship teams, branches and ATM network with mobile and online
tools that allow customers to bank how, when and where they prefer.
U.S. Bank is committed to serving its millions of retail, business,
wealth management, payment, commercial and corporate, and
investment services customers across the country and around the
world as a trusted financial partner, a commitment recognized by
the Ethisphere Institute naming the bank a 2018 World’s Most
Ethical Company. Visit U.S. Bank online or follow on social media
to stay up to date with company news.
Credit products are offered by U.S. Bank National Association
and subject to normal credit approval. Deposit products are offered
by U.S. Bank National Association. Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20180924005730/en/
U.S. Bank Public Affairs and CommunicationsMolly Snyder,
612-303-0746molly.snyder@usbank.com
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