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Fundation Launches Digital Lending Capability with Banc of California for Small Business Customers

January 23, 2019

NEW YORK--(BUSINESS WIRE)--Jan 23, 2019--Fundation announced that it has recently launched a digital lending solution in partnership with Banc of California, enabling the California-based bank to offer a new, streamlined end-to-end solution for small businesses seeking a business loan or line of credit. The solution enables small businesses to apply for loans and lines of credit through a simple online application at Bancofcal.com and receive funds in a little as one business day.

According to the FDIC Small Business Lending Survey in 2018, “Very few small or large banks accept small business loan applications online”. According to the Federal Reserve, awareness of online lenders has grown, and business owners increasingly turn to these companies for funding. In 2016, some one-in-five credit applicants (21 percent) sought financing at an online lender, rising to nearly one-in-four (24 percent) in 2017.

Sam Graziano, CEO of Fundation, added, “Our platform was developed to deliver credit with speed and convenience to small businesses, without asking them to compromise the quality of product and pricing they expect from their banking partner. Aided with this new capability, Banc of California will be able to offer their local small business customers a market leading lending program.”

About Fundation

Fundation Group LLC is a credit solutions provider focused on the small business market nationally. Fundation is a leader in providing technology and application processing services to support more than 25 super regional, regional and community banks. Fundation’s solutions enable its financial services clients to develop a digital lending capability, provide a great customer experience, drive cost efficiency into their small business lending program, and maximize the number of customers they can serve. Fundation’s services range from simple referral partnerships to customized, integrated private labeled lending programs. The Company also partners with a wide array of organizations that serve the small business market in various capacities to deliver credit products to the business community nationwide. For more information, please visit www.fundation.com.

About Banc of California, Inc. (NYSE: BANC)

With over $10 billion in assets, and 32 offices throughout California, Banc of California is the only full-service, midsize bank focused exclusively on California. They provide innovative banking and lending products to diverse businesses, entrepreneurs and communities throughout California.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190123005039/en/

CONTACT: Media:

Fundation

Barry Feierstein, 571-418-6387

Barry.Feierstein@fundation.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEW YORK

INDUSTRY KEYWORD: TECHNOLOGY INTERNET SMALL BUSINESS PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Fundation Group LLC

Copyright Business Wire 2019.

PUB: 01/23/2019 08:00 AM/DISC: 01/23/2019 08:01 AM

http://www.businesswire.com/news/home/20190123005039/en

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