Lend-Grow was recently recognized in Forbes Magazine by Ron Shelvin as one of the companies helping their customers navigate the Coronavirus crisis through extending free, discounted, or accelerated deployment offers to financial institutions. Fintech companies helping in this regard span a wide range of platforms, programs, and services, from accounting platforms to collaboration, cybersecurity, lending, marketing, and wealth management companies including Posh, Moxtra, and Wultra. Lend-Grow was recognized in the Lending FinTech category.
With many banks reducing hours, furloughing staff, and accelerating closures because of the COVID-19 crisis, many financial firms need to rely even more on online technology and accelerate their tech-enabled services. As the coronavirus crises forces millions of people to stay home and avoid contact with others, community banks are forced to adapt as they are deprived of one of their key features: face-to-face interactions. To help its bank partners successfully weather the current crisis, Lend-Grow is waiving the $5,000 setup fee for their new lender partners.
As the WSJ notes, “Community banks, often categorized as those with less than $10 billion in assets, were already challenged before the coronavirus pandemic. They increasingly have to compete with big banks that are attracting young customers more interested in flashy apps than a friendly branch. The economic fallout of the novel coronavirus poses a new challenge for small banks across the country. Most of America’s banks are woven into the local economy and a key source of credit for small businesses. As the downturn squeezes more industries, community banks must balance helping these businesses with protecting their own bottom lines.”
Ron Shelvin is the Managing Director of Fintech Research at Cornerstone Advisors, author of 2 fintech books, and a Senior Contributor at Forbes Magazine. Ron is ranked among the top global fintech influencers and is a frequent keynote speaker at banking industry events.
Lend-Grow’s marketplace is designed for local and regional lenders that want to retain or grow existing business with no IT integration, reduced marketing spend, and prequalified leads. See more at https://lendgrow.com/fintech-partnership/