John Marshall Bank Launches Fourth Fintech Lending Solution Partnership

Rhea-AI Summary

John Marshall Bank (JMB) has announced a definitive agreement with LendUX, a new SBA 7(a) loan processing platform, aimed at enhancing access to financing for small business customers. This partnership marks JMB's fourth fintech collaboration, focusing on leveraging technology for streamlined loan processing. Following the success of processing over 1,096 Paycheck Protection Program (PPP) applications, JMB adapts its efficiency to SBA loans. JMB continues to pursue fintech partnerships to improve customer experiences and operational efficiencies.

Positive

• Entered into a definitive agreement with LendUX to enhance SBA 7(a) loan processing.
• Successfully processed over 1,096 PPP applications, showcasing operational efficiency.
• Partnership with LendUX improves access to financing for small businesses.

Negative

• None.

RESTON, Va.--(BUSINESS WIRE)-- Committed to offering best-in-class business banking services, John Marshall Bank (JMB) announced it has entered into a definitive agreement with an innovative new Small Business Administration (SBA) 7(a) loan processing platform, LendUX from Reliant Business Valuation. This technology will enable JMB to provide its small business customers greater and easier access to financing. The partnership marks the Bank’s fourth fintech provider and highlights its commitment to advancing emerging financial technologies that ultimately better serve small and medium-sized businesses.

Upon successfully navigating the Paycheck Protection Program (PPP) and processing 1,096 applications over the past year, the Bank sought to leverage that same efficiency into processing SBA 7(a) loans. The recently launched LendUX platform was ultimately selected as the fintech solution. This digital application enables business owners to apply for credit when and where it is most convenient for them, outside of traditional banking hours. Additionally, it streamlines and simplifies the application process for a seamless customer experience.

“Simplifying the process for busy entrepreneurs to secure funding that supports the growth of their business is more essential than ever. These partnerships enable us to provide our customers with leading-edge technologies making financial services more accessible while simultaneously differentiating the customer experience,” said Chris Bergstrom, President, and CEO of John Marshall Bank.

The Bank has further parlayed its use of technology by implementing a suite of other innovative technologies. Prior to the pandemic, JMB invested in Built Technologies, which provides a centralized, online solution for construction loan management. The platform gives the Bank and customers access to a real-time picture of their construction portfolio while simplifying the complex loan administration process. Further operational efficiencies have been gained by partnering with nCino and Abrigo. Built on the SalesForce platform, nCino contributes to back-end processing efficiency by tracking the full lifecycle of each loan and robust data reporting. Abrigo evaluates the Bank’s credit risk mitigation process through stress testing.

The Bank plans to continue to further evolve its offerings for small and medium-sized businesses and pursue other fintech partnerships that drive operational efficiencies while improving the customer experience.

About John Marshall Bank:

John Marshall Bank (“JMB” or the “Bank”, OTCQB: JSMB) is one of the largest community banks headquartered in the DC Metro area with eight full-service branches located in Alexandria, Arlington, Loudoun, Prince William, Reston, and Tysons, Virginia, as well as Rockville, Maryland, and Washington, D.C. with one loan production office in Arlington, Virginia. The Bank is dedicated to providing exceptional value, personalized service, and convenience to local businesses and professionals in the Washington DC Metro area. JMB offers a comprehensive line of sophisticated banking products and services that rival those of the largest banks along with experienced staff to help achieve customers’ financial goals. Dedicated Relationship Managers serve as direct points of contact, providing subject matter expertise in a variety of niche industries including Charter and Private Schools, Government Contractors, Health Services, Nonprofits and Associations, Professional Services, Property Management Companies, and Title Companies. Learn more at www.johnmarshallbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005144/en/

Christopher W. Bergstrom

President and CEO

703-584-0840

Source: John Marshall Bank

FAQ

What is John Marshall Bank's partnership with LendUX about?

John Marshall Bank has partnered with LendUX to enhance its SBA 7(a) loan processing, providing small businesses easier access to financing.

How many PPP applications did John Marshall Bank process?

John Marshall Bank processed over 1,096 Paycheck Protection Program (PPP) applications.

What is the stock symbol for John Marshall Bank?

The stock symbol for John Marshall Bank is JMSB.

What type of loan does John Marshall Bank focus on after the PPP?

After the PPP, John Marshall Bank is focusing on SBA 7(a) loans.

How does the LendUX platform benefit small business owners?

The LendUX platform allows small business owners to apply for credit conveniently outside traditional banking hours, streamlining the application process.