Mirador Case Study: Making Small Business Lending Faster and More Affordable
If you are not yet familiar with Mirador Financial, Excelsior Growth Fund's premier technology partner, then you may be interested in reading a recent case study outlining the fintech firm's success with EGF's online lending platform. When EGF launched its SmartLoan program in summer of 2015, it was in need of a promising technology partner to help streamline the online application and origination process. Mirador's online lending platform allowed Excelsior to compete with other lending marketplaces by processing and underwriting with speed, reliability, and lower costs for borrowers.
Together, Mirador and EGF were able to automate a sophisticated online process that cut approval times and origination costs in half. By setting automated parameters for immediate pre-apporvals and declines, the need for manual loan analysis was drastically reduced. As a result of the Mirador platform, EGF was able to reduce loan origination costs by 25-50%, reduce time for processing declined loans to virtually zero, and match other online marketplaces approval times at a fraction of the price.
Excelsior Growth Fund (EGF) promotes economic development and job creation in New York State by providing streamlined access to small business loans and business advisory services. An EGF SmartLoan™ can help businesses secure working capital, refinance existing debt, purchase machinery and equipment, upgrade technology or hire staff. With the easy to use online loan application, pre-qualification takes minutes; loans are approved and funded within days. EGF is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI). For more information, visit www.excelsiorgrowthfund.org