Heartland Bank says the tool is a transformative new product for New Zealand SMBs.
“Small businesses are the backbone of the New Zealand economy and we have recognised that they have challenges accessing much needed finance for growth,” says Jeff Greenslade, CEO of Heartland Bank, in a statement.
We are proud to be the first bank to market with an application process that is this quick and easy. It will transform the way small businesses access finance
“We identified a gap in the market for small business owners, the vast majority of whom have fewer than five employees and are time poor. We understand their need for speed, simplicity and responsiveness in sourcing finance to grow their businesses,” adds Greenslade.
Open for Business allows small businesses to get an immediate approval for unsecured loans of up to $50,000 through a short process of around 10 questions with a decision on screen.
In the background a secure and industry standard verification check is completed and, once confirmed, the loan is approved. Businesses receive the loan in approximately 24 hours, reports Heartland Bank.Read more: How Downer's CIO works with rocket scientists and brain surgeons
The Open for Business platform also enables same-day decisions for business loans between $50,000 and $250,000.
“We are proud to be the first bank to market with an application process that is this quick and easy. It will transform the way small businesses access finance,” says Greenslade.
Through the use of new technology and smart questioning techniques incorporating industry metrics, turnover and operating margins, Heartland Bank says it has been able to reduce the input required by the small business owner to an absolute minimum.
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