Fintech Innovator Simplifies Underwriting to Help Financial Institutions Access $1.2B in Business Loan Guarantees
SAN FRANCISCO, Jan. 11, 2023 /PRNewswire-PRWeb/ -- Today, StandardC, the leading fintech platform that transforms how businesses access financial services, is announcing a strategic partnership with Northern California Financial Development Corporation (Nor-Cal FDC), a leading financial services company that provides loan guarantees to help financial institutions accelerate business lending. Nor-Cal FDC partners with banks, credit unions, and lenders to provide 80% loan guarantees of up to $5MM per loan, which provides a credit enhancement that reduces risk to the lender while providing greater access to capital for business owners. With the integration of StandardC's technology that creates and maintains data-rich digital identities and automates the application process, Nor-Cal FDC expedites business loans by minimizing the risk for financial institutions and lenders.
"Nor-Cal FDC understands that business owners create thriving communities and drive local economies. Our mission is to offer better support to ALL businesses and entrepreneurs," said Sanford Livingston, CEO of Nor-Cal FDC. "In the face of today's challenging economy, our loan production team has tripled the volume of business loans year-over-year. StandardC's technology is critical for ensuring we can quickly and accurately evaluate the influx of business requests while maintaining ongoing compliance. Ultimately, StandardC's innovative approach aligns with ours - to better serve the underserved."
With the StandardC Credential™, all pertinent company and underwriting information, documents, and data on key persons and beneficial owners are stored digitally. Once established, the businesses' StandardC Credential™ is automatically maintained and updated within the StandardC platform to facilitate ongoing compliance monitoring of the business and its customers. By pairing its game-changing software with advisory services, StandardC is helping its partners, like Nor-Cal FDC, create and maintain profitable relationships with more customers.
"Sanford is a proven leader with more than three decades in financial services and brings a powerful vision for how to support businesses by mitigating credit risk for financial institutions," said Robert Mann, co-founder and CEO of StandardC. "With this partnership, StandardC is empowering Nor-Cal FDC with the technology to automate business review and loan evaluation so small business owners can access the capital they need to build and grow their companies."
In partnership with the California Infrastructure Bank (IBank), Nor-Cal FDC has guaranteed over 500 loans with financial institutions and lenders, with a default rate of less than two percent.
For more insights into this groundbreaking partnership and its impact on financial institutions, lenders and businesses, join the webinar on Wednesday, January 18 at 11 am PT. StandardC and Nor-Cal FDC will be on-hand to answer questions and share more details about their collaboration. Register here.
About StandardC
StandardC is transforming how businesses access financial services. Backed by a team with deep expertise in risk analytics, banking, payments, and regulatory supervision, the StandardC software platform creates and maintains data-rich digital identities to simplify customer onboarding and monitor ongoing compliance for businesses. By removing the complexities of customer compliance and enhancing visibility into business risk, StandardC improves customer experiences and accelerates business development opportunities for financial institutions and businesses. For more about StandardC, visit https://www.standardc.io/.
About Nor-Cal FDC
Founded in 1978, Northern California Financial Development Corporation (Nor-Cal FDC) is focused on assisting businesses with financing. It is our mission to provide greater access to a variety of sources of capital to underserved markets and small business persons located in California that are considered economically disadvantaged entrepreneurs. At the end of the day, our clients are successful when they can obtain the funding they need for their small businesses. Through Nor-Cal's partnerships and the right loan program, clients have obtained the capital they need to start, build and grow their businesses. For more information, visit https://nor-calfdc.org/.
Media Contact
Aimée Eichelberger, Superior PR, 312-952-1528, [email protected]
SOURCE StandardC
Share this article