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Provident Bank and Fundation today announced a new digital lending solution that will enable the New Jersey-based bank to offer a new, streamlined, end-to-end, lending program for small businesses seeking a business loan or line of credit. The solution enables small businesses to apply for term loans from $15,000 to $250,000 and lines of credit from $20,000 to $150,000, through a simple application and receive funds in as little as one business day.
According to the FDIC Small Business Lending Survey in 2018, “Very few small or large banks accept small business loan applications online”. According to the Federal Reserve, awareness of online lenders has grown, and business owners increasingly turn to these companies for funding. In 2014, less than one-in-five credit applicants (18 percent) sought financing at an online lender, rising to nearly one-in-four (24 percent) in 2017.
“We’re proud to extend our commitment to small businesses through this strategic alliance with Fundation,” said Josephine Moran, Executive Vice President, Director of Retail Banking. “This will enable us to effectively serve the growing small business market by providing the capital many small businesses need to grow and reach their full potential. In turn, this will assist these businesses to flourish and create new jobs in our communities,” concluded Moran.
Sam Graziano, CEO of Fundation, added, “Our platform was developed to deliver credit with speed and convenience to small businesses, without asking them to compromise the quality of product and pricing they expect from their bank partner. Aided with this new capability, Provident Bank will be able to offer their local small business customers a market leading lending program.”
Small business owners can apply online at Provident Bank or visit their local Provident branch to apply in-person, where they will be able to work with a Banking Center Manager to assist them with their application.
About Provident Bank
Provident Bank, a community-oriented bank offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $9.73 billion as of December 31, 2018. With $6.83 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey and eastern Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company. For more information about Provident Bank, please visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).
Fundation Group LLC is a credit solutions provider focused on the small business market nationally. Fundation is a leader in providing technology and application processing services to support more than 25 super regional, regional and community banks. Fundation’s solutions enable its financial services clients to develop a digital lending capability, provide a great customer experience, drive cost efficiency into their small business lending program, and maximize the number of customers they can serve. Fundation’s services range from simple referral partnerships to customized, integrated private labeled lending programs. The Company also partners with a wide array of organizations that serve the small business market in various capacities to deliver credit products to the business community nationwide. For more information, please visit www.fundation.com.
Keith Buscio, 732-590-9407
Barry Feierstein, 571-418-6387