First National Bank Plans Online SMB Lending Portal

First National Bank and Trust Company is planning the launch of a digital small business lending portal and has tapped a partner to create the solution.

The financial institution (FI) said Tuesday (Dec. 12) that it is working with FinTech firm RCGILTNER Services to deploy the digital platform, which will launch in the first quarter of 2018. The portal will allow a small- or medium-sized business (SMB) to seek a loan from the bank without physical paperwork or a visit to a branch location.

The digital lending portal — which can be accessed via desktop or mobile device — supports eSignatures, and approved borrowers can receive loan funds in just three days.

In its announcement, First National Bank alluded to the rise of alternative and marketplace lenders, many of which have changed the way small businesses apply for and receive financing.

“We are known as a leader in delivering sound advice coupled with technology-driven solutions to our customers,” said Lara Pomerene, the bank’s senior vice president and marketing director, in a statement. “Adding mobile lending helps us provide a solution that our customers can access whenever and wherever it’s convenient. After watching the emerging digital lending space closely, and evaluating options during 2017, we believe we’ve found the best solution for our lending strategy.”

RCGILTNER provides banks with services to manage and underwrite loans. The firm’s CEO Greg Schreacke said it is “pleased” to partner with First National Bank and “to offer our cloud-based digital lending solutions to their customers.”

Other traditional banks have followed a similar route, partnering with FinTechs to develop online SMB lending portals. Earlier this year Citizens Bank partnered with Fundation to digitize the small business loan application process and also create an online platform to facilitate SMB financing. That collaboration also accelerates the time it takes for small businesses to receive funds to within three days.