Pacific Northwest Credit Union iQ launched a microloan program that allows qualified small businesses in Southwest Washington and the Portland area to apply for loans online.

“Most credit unions require business owners to contact a loan officer to begin a small business loan application,” Jeremy Wiersmavice president of business services at iQ, said in a Press release Wednesday (August 17). “It brings a new level of convenience and speed of service to businesses seeking loans.”

Through the Credit Union Application Portal, businesses can apply for loans under $50,000 without having to visit a branch or meet with a loan officer, which “makes applying for a business loan as easy as consumer loan application. Wiersma said.

While small business loans aren’t new to iQ, the company recognized that business owners may not always have the time to visit a branch. Specifically, UC argues that financial institutions are lagging behind when it comes to providing businesses with the same convenience as people seeking consumer loans.

Read more: SMBs’ need for digital banking with a human touch gives UCs ​​a competitive advantage over FinTechs

In an interview with Karen Webster of PYMNTS in April, NCR President Doug Brown said catering to the needs of small businesses, as well as providing omnichannel offerings, can give UCs an edge over larger competitors.

“They know more about customer activity than any neobank, any alternative bank, any FinTech,” he said.

He used the example of Paycheck Protection Program loans. UCs needed to process and integrate billions of dollars of loans on their balance sheets, while providing business customers with the support they needed through call centers and interactive sessions.

Read more: Ranqx Small Business Lending Platform Launches in North America

Also on Thursday, small and medium-sized enterprise (SME) loan originator Ranqx launched operations in North America, saying it will provide businesses with a frictionless application process and lenders with a better understanding of applicants.

The New Zealand-based company’s platform offers banks, credit unions (CUs) and lenders a fully digital application process that SMEs can complete in two minutes, then leverages real-time data to underwrite a loan in less than three minutes.



About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.