A partnership between a Bloomfield Township community bank and Southfield-based technology consulting firm aims to vastly streamline the ability of small businesses to apply, and possibly be approved, for lines of credit.
Mi Bank, a less-than-two-year-old bank focused on banking services for businesses with under $25 million in annual revenue, announced last week that it had partnered with Altimetrik Corp. to bring about a digital lending platform that could help businesses be approved for loans in a matter of minutes, according to a news release.
The platform, developed by Altimetrik with “input and guidance” from Mi Bank, is currently in testing and set be introduced next January.
“The loan approval process currently utilized by most banks, both large and small, is antiquated,” Rob Farr, chairman and CEO of Mi Bank, said in the news release. “By utilizing an automated process, the borrower can easily upload the required financial information, and a loan decision can be determined in a matter of minutes. This allows a business owner to make important decisions regarding his or her business more quickly while spending less time providing information to the bank.”
As of Dec. 31, 2020, Mi Bank had just under $120 million in assets, according to a federal regulatory filing.
Altimetrik has been steadily growing around the globe, driven by specific customer needs. The company last year rolled out technology aimed at helping streamline the process for forgiveness of loans granted using the Paycheck Protection Program, the federal program offered as a relief valve for small businesses hurt by the COVID-19 pandemic.
“The Digital Lending Platform addresses the shortcomings in current mobile and online experiences for commercial lending,” Raj Sundaresan, CEO at Altimetrik, said in the release. “Working with Mi Bank we were able to create an end-to-end digital lending experience that improves the application and approval process for banks and their customers.”
Altimetrik was founded by Raj Vattikuti, the entrepreneur who also founded Farmington Hills-based Covansys Corp., which was sold to California-based Computer Sciences Corp. for $1.3 billion in 2007.