SmartBiz Bank will launch a deposit product this year.
The bank, formerly SmartBiz Loans, launched March 17 following the company’s $31.6 million acquisition of United Community Bancshares and its subsidiary Centrust Bank. The new Chicago, Ill.-based bank was formed to provide banking solutions with a focus on small business customers.
“Previously, we solely focused on lending. As a bank we’ll be focused on offering lending and deposits,” SmartBiz Bank Chief Executive Evan Singer told Bank Automation News, mentioning the launch of a deposit product.
“We’re acutely focused on serving our small business customers, now in a greater capacity as a bank,” he said.
To identify and meet the needs of its business clients, SmartBiz conducted a survey of 200 small business owner clients between March 6 and April 13. The survey results, released May 5, found:
- 67% of respondents said easy online and mobile banking is the most important business bank account feature;
- 70% of small businesses surveyed were looking for SBA loans; and
- 36% said securing financing has been difficult.
“Small business owners today expect the same digital ease and speed they experience as consumers, but most banks haven’t kept up,” Singer said.
SmartBiz, he said, offers:
- A fully digital lending experience, from prequalification to funding;
- Automated document collection; and
- Automated eligibility checks.
Since 2013, SmartBiz has provided access to capital to over 230,000 small businesses for over $9 billion, according to the company. “The demand is clear: small businesses want speed, transparency and control,” Singer said.
