The Future of Small Business Lending: Insights from Uplinq
Update: 2024-04-17
Description
<figure id="attachment_1110" aria-describedby="caption-attachment-1110" style="width: 100px" class="wp-caption alignright">
<figcaption id="caption-attachment-1110" class="wp-caption-text">Ron Benegbi,</figcaption></figure><figure id="attachment_1114" aria-describedby="caption-attachment-1114" style="width: 100px" class="wp-caption alignright">
<figcaption id="caption-attachment-1114" class="wp-caption-text">Derek Ellington</figcaption></figure>In This Episode: Ron Benegbi, Founder and CEO of Uplinq, and Derek Ellington, a banking executive and strategic advisor to Uplinq, discuss how Uplinq is leveraging technology and alternative data points to greatly improve the lending process to small and mid-sized companies.
Key Takeaways:
- Uplinq addresses the long-standing issue of limited access to credit for small businesses by working with lenders to consider a broader range of data points, aiming to increase approval rates.
- AI is transforming the lending landscape, allowing companies like Uplinq to provide lenders with more comprehensive insights into applicants.
- Uplinq’s collaborations with significant players like Visa, MasterCard, and Ernst & Young are pivotal in extending its impact, offering lenders enhanced underwriting technologies and tools.
- With changes in regulations, such as the CFPB 1071 rule, there’s an increased focus on fair lending practices, and companies like Uplinq play a crucial role in navigating these changes and promoting inclusivity.
- AI’s utilization in analyzing vast data sets to inform lending decisions is a shift towards more data-driven and inclusive lending criteria.
The post The Future of Small Business Lending: Insights from Uplinq appeared first on The Small Business Edge Podcasts.
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