PCSB Bank has announced the launch of Express Loans for small businesses, which feature streamlined online applications and quick turnaround. The product engages new technology to enable business owners to obtain fast and flexible financing to meet evolving needs such as financing equipment, working capital and payroll.
“As an institution that always puts customers first, we are committed to investing in new technology,” said Dominick Petramale, PCSB Bank”™s senior VP, retail banking officer. “This new lending platform provides the convenience of an enhanced digital commercial lending experience while still offering the personal service that our customers value.”
With options of borrowing $15,000 – $150,000, the Express Loans offer a solution to crucial business needs, including:
Ӣ Meeting the short-term cash requirements of a business to finance working capital such as accounts receivables and inventory.
Ӣ Financing the purchasing of equipment.
Ӣ Making upgrades to the business facility.
Ӣ Meeting payroll promptly each month.
Through a fintech collaboration that benefits its customers, PCSB Bank is utilizing the Numerated platform for its Express Loans. Numerated is a modern loan origination system that transforms the way financial institutions lend to businesses. The platform pulls in data at each stage of origination, saving time for lenders and customers. Efficiencies include pre-filling applications, automating spreading, aggregating data and scoring applications, and fully automating the preparation of document packages. More than 140 lenders have used the award-winning platform to process more than $50 billion in lending.
According to Michael Goldrick, executive VP, chief lending officer, “Through the use of this innovative system, we can offer new opportunities for businesses to grow and thrive ”“ while also benefitting the Lower Hudson Valley region through overall economic expansion. It is a win for the owners along with their customers and employees as well as the communities we serve.”
