Foundation launches digital lending capability for small business customers with Banc of California


Content of the Business Wire press release. The AP news staff was not involved in its creation.

NEW YORK–(BUSINESS WIRE)–Aug. January 1, 2019–Fundation announced that it has recently partnered with Banc of California to launch a digital lending solution, enabling the California-based bank to offer a new, streamlined, end-to-end solution for small businesses seeking business lending or seek a line of credit. The solution enables small businesses to apply for loans and lines of credit through a simple online application at Bancofcal.com and get the money in less than one business day.

According to the 2018 FDIC Small Business Lending Survey, “Very few banks, large or small, accept small business loan applications online.” According to the Federal Reserve, awareness of online lenders has grown and business owners are increasingly turning to these companies for financing. In 2016, about one in five loan applicants (21 percent) applied for financing from an online lender, up from nearly one in four (24 percent) in 2017.

Sam Graziano, CEO of Fundation, added, “Our platform is designed to provide small businesses with fast and convenient lending without sacrificing the product quality and pricing they expect from their banking partner. Supported with this new feature, Bank of California will be able to offer their local small business customers a market-leading loan program.”

About foundation

Fundation Group LLC is a lending solutions provider focused on the national small business market. Fundation is a leading provider of technology and application processing services in support of more than 25 national, regional and community banks. Foundation’s solutions enable its financial services clients to develop a digital lending capability, provide a great customer experience, increase the cost-efficiency of their small business lending program, and maximize the number of clients they can serve. Foundation’s services range from simple referral partnerships to bespoke, integrated private label lending programs. The company also works with a variety of organizations serving the small business market in various capacities to deliver credit products to the business community across the country. For more information, please visit www.foundation.com.

About Banc of California, Inc. (NYSE: BANC)

With over $10 billion in assets and 32 offices throughout California, Banc of California is the only mid-sized full-service bank focused solely on California. They provide innovative banking and lending products to various businesses, entrepreneurs and communities throughout California.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190123005039/en/

CONTACT: Media:

Foundation, endowment

Barry Feierstein, 571-418-6387

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW YORK

INDUSTRY KEY WORD: TECHNOLOGY INTERNET SMALL BUSINESS PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Foundation Group LLC

Copyright Business Wire 2019.

PUB: 1/23/2019 8:00 AM / DISC: 1/23/2019 8:01 AM

http://www.businesswire.com/news/home/20190123005039/en

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