July 29 - CenterState Banks, Inc., has announced that it will be an exclusive provider of SmartBiz to community banks nationwide. SmartBiz is the first fully-online, automated underwriting platform of Small Business Administration (SBA) loans under $150,000. These loans are part of the SBA's 7(a) Small Loan Advantage Program. Community banks can choose to originate loans themselves or allow lenders outside their state to originate the loans and pay the community bank a fee.
"SmartBiz is an efficient way for community banks to gain new commercial customers, boost non-interest income and provide capital to small businesses," said Chris Nichols, Chief Strategy Officer for CenterState Bank. "This Program gives community banks complete control, as banks can leverage the SmartBiz technology platform, and add their brand in order to structure the Program to their needs – all with no long-term commitment or upfront cost."
By automating SBA underwriting, banks can now make smaller sized loans profitably, pass on a quick decision and provide the small business with rates lower than other alternatives such as credit card debt or hard money lenders. What used to be a 60-day process is now reduced to a 30-minute application with instant pre-approval and funding as fast as 7 days.
"We're very excited to partner with SmartBiz and offer our small business customers a trusted, well-established and more convenient financing option to meet their expansion and growth needs," said Adriaan van Zyl, CEO of California Business Bank. "This program fits our overall strategy to enhance our customer's experience using technology to streamline outdated processes. With its online process, small businesses can apply and receive a decision quickly, right from their desk, without having to take time away to meet with traditional bankers."
About CenterState Banks
CenterState Banks, Inc., headquartered in Davenport, Florida, is a $3.9 billion total asset sized bank holding company with a nationally chartered bank: CenterState Bank of Florida. Presently, the Company operates through 68 branches in 21 counties throughout Florida, providing traditional deposit and lending products and services to its commercial and retail customers. The Company, through its Correspondent Division, also provides research, clearing/cash management, fixed income; loan sales services; hedging; foreign exchange; fed funds purchased products; safekeeping; bond accounting; asset/liability; strategic planning and consulting services to financial institutions located throughout the United States.