While PPP focuses on providing government support to smaller businesses, a rapidly growing market-based solution provides equal access to all small business applicants
SAN FRANCISCO, March 2, 2021 / PRNewswire / – As the Paycheck Protection Program (PPP) pivoted last week to focus on supporting the country’s smallest businesses, the Tillful business lending platform today announced that in just two months, it has already facilitated more than 350 small business loans, worth more than $ 10 million.
The company also announced that it is currently experiencing 100% customer growth each month.
“There is an incredible demand among small business owners for credit that they can repay and will not weigh on US taxpayers,” says Ken So, founder and CEO of Tillful and its parent company, Flowcast Inc. “We Let’s see the need and promise of this sector every day as entrepreneurs lay the groundwork for post-COVID economic growth. “
Small business loans, typically ranging from a few thousand dollars to several hundred thousand in some cases, have been marginalized by the traditional banking system as unprofitable. In addition, bank loans have historically often been suspected of ethnic and geographic bias.
In contrast, Tillful has taken advantage of modern technology to provide a fully automated online business credit score, providing equal access to all applicants, regardless of background or location. The scores generated by Tillful help financial institutions quickly identify the most promising companies and offer the most attractive credit terms.
While the PPP is specifically designed to compensate businesses for the challenges faced during the pandemic, and where most loans turn into grants absorbed by the federal government, Tillful’s lending partners lend at competitive market rates to businesses that undertake to repay the loan. After criticizing the fact that the first P3 funds were intended for large companies, the federal government announced that for two weeks the program would only accept applications from companies with 20 or fewer employees.
According to census data, businesses with 20 or fewer employees represent 89% of all businesses registered in United States.
The COVID-19 pandemic has further undermined an already difficult conventional commercial credit scoring process that relies on limited data and static models that fail to capture rapid changes in the business climate. In contrast, Tillful can instantly generate a credit score for almost any business once they connect their bank account and answer a few questions, and the score can be updated daily based on the latest company data. .
Tillful then matches and pre-approves businesses with credit offers from dozens of lending partners. Tillful is recruiting a number of new lending partners to be part of its business lending ecosystem.
Launched by Flowcast, a leading provider of AI credit risk models, Tillful leverages the company’s proprietary, patent-pending machine learning solution that has been trained and validated with data. real world in partnership with some of the world’s most innovative financial institutions. The resulting score provides some of the most accurate credit ratings ever created for small and medium businesses.
Flowcast helps small and medium-sized enterprises (SMEs) access capital. The company leverages its patented machine learning methodologies to create high-performing predictive models for financial institutions that assess risk and allow lenders to automatically optimize credit offerings. Flowcast’s technology has been deployed in partnership with some of the world’s largest financial institutions. Tillful leverages this technology and expertise to give SMEs free, real-time access to credit scores, financial ratings, and actionable data to guide credit and cash flow decisions. Flowcast is backed by companies such as ING Ventures, BitRock Capital, and Katalyst Ventures. The company is headquartered in Silicon Valley with a Asia Pacific office at Singapore. Learn more about www.flowcast.ai and www.tillful.com.
SOURCE stream flow