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iBANK.COM EMPOWERS SMALL BUSINESS TO BE PROACTIVE, CONNECT WITH THE RIGHT LENDERS THROUGH NEW COMMERCIAL LENDING SEARCH ENGINEwww.iBank.com enhances its search technology to allow small businesses to connect directly with lenders nationwide who offer business loans, equipment leasing and commercial and home equity mortgage loans.
COSTA MESA, CALIF. (Nov. 1, 2005) - www.iBank.com, America's largest online commercial lending network, has announced it will launch a new commercial lending search engine on Nov. 2, which allows small businesses to target lenders based on four search criteria. The criteria (loan category, amount, location and type) act as a filter which allows the small business to refine its search and target only those lenders who offer the loan product it is seeking.
"Unlike other major search engines, our commercial lending search engine is about connecting the small business person with real lenders with real money, in real time," said Thomas O. Markel, Chairman and CEO of Credentrust Software, Inc. the company that powers www.iBank.com. "There is no doubt that the entire loan process with a bank can be costly and intimidating at the least. Our commercial search engine eliminates the fear factor, empowers small business and improves market knowledge."
Through www.iBank.com proprietary technology, businesses can search up to 85 different types of small business loans, equipment leasing and commercial and home mortgage loans. Small businesses can target nationwide lenders using 16 pre-qualification criteria, including loan size, loan amount, credit score, years in business, loan to value, location, industry, and loan or lease type. Once the lenders are identified, businesses can take a proactive approach and contact the lenders directly or proceed to create a professional loan package online using a step-by-step self-guided process. This information is stored in a secure "vault" which the applicant can access at anytime, anywhere in order to edit, organize, or store tax returns, financials, management bios, pictures etc.
Once the application package is complete, www.iBank.com automatically places the applicants' information onto the specific lenders' application and sends it electronically to lenders that have loans/mortgage programs that match their criteria. The lenders receive the applications directly into their systems, while the applicants receive faster analysis and processing of their applications.
The whole process, when compared to manually finding the right lenders and preparing separate loan packages, eliminates about two-thirds of the time and cuts 90% of the cost involved. The www.iBank.com loan package preparation and lender presentment process is completely paperless and allows lenders and applicants to collaborate in real-time in order to view, analyze, propose and close their loans.
According to Chuck Fuller, vice president of business development at Entrepreneur Magazine, www.iBank.com offers something no one lender does -- variety. http://www.iBank.com provides a valuable service which allows entrepreneurs to rapidly access lenders and find opportunities from a variety of lenders," Fuller said. "From what I can tell from this service, it's got some legs. But what really sets www.iBank.com apart from other services is that it doesn't specialize in any one loan type, but has the ability to process a variety of funding needs to a nationwide of lenders."
Since its inception in 1999,www.iBank.com has revolutionized the commercial lending marketplace and consistently provided lenders and borrowers with a simplified, streamlined and seamless ways to do business online. The website has attracted some of the nation's largest banks as well as community banks, private investors, brokers and credit unions. For a complete list of lending institutions, please visit http://www.iBank.com/lenders/lender_Network.cfm?pbonav=lenders.
www.iBank.com has processed more than $7 billion in aggregate loans each month, receiving approximately 6000 loan requests a month - yet that only represents 10 percent of the numbers of visitors that come to the website on a daily basis, according to Markel. The new search engine is geared toward the other 54,000 small business visitors who want to take a more active approach and contact the lenders directly in order to ensure they receive they right loan on terms they are comfortable with.
About www.iBank.com
Based in Costa Mesa, Calif., www.iBank.com, America's largest small business lending engine, has become a commercial lending marketplace for businesses seeking small business loans, equipment leasing, and commercial and home mortgage loans in real time. Formed in 1999, www.iBank.com utilizes advanced search engine technology that enables borrowers to create a professional loan/lease package online, connect with more than 225 lenders using pre-qualification criteria and close loans faster. The whole process, when compared to manually preparing separate loan packages and finding the right lenders eliminates about two-thirds of the time, cuts 90% of the cost involved.
By Vanessa Besack
Besack & Associates
(949) 295-4130
vbesack@ibank.com
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