Cross River, SmartBiz team on SME finance

Artificial intelligence (AI) based financing platform focused on small businesses SmartBiz partnered with a financial services company Cross the river to help more small businesses across the United States improve their basic infrastructure and integrated financial solutions.

According to joint announcement Tuesday (July 12). SmartBiz uses AI-powered processing to connect more entrepreneurs with business loans.

“We are thrilled to partner with SmartBiz to make an elevated SBA financing experience more easily accessible to small businesses,” said Eli Hazan, head of business loans at Cross River, in the joint announcement. “SmartBiz is at the forefront of the loan optimization process and, like Cross River, operates at the intersection of cutting-edge technology and exceptional customer service.”

The need for capital raising is particularly important for small businesses more than two years after the start of the COVID-19 pandemic.

“Our technology does the heavy lifting by automating the process as much as possible, and our dedicated customer support team assists contractors through the application process,” said Evan Singer, CEO of SmartBiz. “We are proud to bring this technology to Cross River because we know they share our goal of providing every entrepreneur with access to smart capital. »

Related: FuturePay Partners with Cross River for Credit Platform

Last month, Cross River signed an agreement with digital revolving credit solutions provider FuturePay for its MyTab credit platform. With Cross River’s banking capabilities, MyTab aims to provide access to credit to consumers and FinTech services to merchants.

The platform allows consumers to apply for a line of credit that can be used and reused over time, helping merchants work with long-term customer relationships with the goal of obtaining repeat or subscription purchases.



About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.

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