Business Lending Startup Nests with NWCUA
Mirador Financial, a financial technology startup that enabled the use of social media data in business loan pricing, became one of the firms in the Northwest Credit Union Association’s Strategic Link.
The Portland, Ore., based firm said it provides a cloud-based lending platform that allows credit unions to quickly expand or implement a small business lending program without additional infrastructure or development costs. It also allows credit unions to effectively serve small to medium-sized businesses, reduce and monitor risks, and better serve their members, Mirador added.
“We are firmly committed to helping credit unions take the lead in fintech, leveraging emerging technologies to drive efficiencies and ultimately better serve their members,” Denise Gabel, chief operating officer of the NWCUA, said. “With Mirador now part of the betaSpace incubator, Northwest credit unions have access to the new small business lending technology.”
Mirador CEO and co-founder Trevor Dryer explained that the companies approach includes the traditional metrics that most credit unions use in underwriting business loans, but also added data points taken from a much wider range of sources that can help a credit union both initially price a business loan and also monitor the loan for possible trouble.
As an example, Dryer noted that a credit union making a loan for a restaurant expansion might benefit from knowing that the yelp reviews for the restaurant are mostly terrific or mostly terrible. Or that another sort of business had one of its four main customers announce it would move its operations overseas.
“Small businesses are the key to economic stability and credit unions are a key source of their funding and support,” Dryer said. “Mirador understands this and supports NWCUA’s commitment to helping credit unions better serve their members and communities by providing innovative, technology-based solutions to meet their small business lending needs.”