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Company credits Lending as a Service (LaaS) lender clients expanding their lending footprint and expanding into smaller dollar loans as a key contributor to this accomplishment.
FORT LAUDERDALE, Fla., April 16, 2024 /PRNewswire/ -- iBusiness Funding, a trailblazer in SBA and business lending solutions, is proud to announce a record-setting quarter in Q1 2024, with $105 million in SBA 7(a) loans processed through their network of SBA authorized lenders. This milestone underscores the growing success of their Lending as a Service (LaaS) offering, powered through their proprietary LenderAI software. With this record-setting quarter paving the way, iBusiness Funding is now processing over $40MM monthly for their clients.
"We are beyond grateful to all of our bank and financial institution lending partners who trust us to assist their clients and process such complex loans on their behalf. This record quarter is a testament to our commitment to continuous innovation and making prudent lending efficient and profitable for SBA lenders," said Justin Levy, CEO of iBusiness Funding.
In addition to this financial achievement, iBusiness Funding is proud to highlight its significant role in supporting diverse businesses. Over 62% of the loans processed were obtained by women-, minority-, and veteran-owned businesses. This ability to help these types of businesses, which historically have had difficulty getting funding, is a core part of their mission to make financing accessible and equitable for all.
"We are a LenderAI client ourselves, so our success and ability to scale is intimately tied to the software and its power to systematize and bring efficiency to our operations. It's the only lending software we use, and we use it for every aspect of SBA loan processing, including servicing, so it has to be truly end-to-end. It has been the secret to our success, and the best part is that any lender, LSP, or even referral source can buy LenderAI and distinguish themselves from historically manual processes. We have seen efficiency gains firsthand for us and our clients, and we can show clearly that when lenders become more efficient, borrowers win," added Mr. Levy.
About iBusiness Funding:
iBusiness Funding is a leading provider of lending solutions for banks and lenders of all sizes with a specialization in SBA lending. The company is dedicated to streamlining the business lending process to allow lenders to efficiently deliver capital to small and medium-sized businesses. iBusiness Funding has processed over $6 billion in SBA loans to date, and the team processes over 1,000 business loan applications through its platform daily.
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