iQ Credit Union (iQ), a member-owned, modern-day financial institution based in the Pacific Northwest, today announced a new microlending program that allows qualified small businesses located in Southwest Washington and the Portland area to apply online for loans.
“Most credit unions require business owners to contact a loan officer to begin an application for a small-business loan,” Jeremy Wiersma, VP of business services at iQ Credit Union, said. “This brings a new level of convenience and speed of service to businesses seeking loans.”
iQ Credit Union’s new application portal allows businesses to apply online for loans under $50,000 without needing to visit a branch or set up a meeting with a loan officer.
“This helps make applying for a business loan just as easy as applying for a consumer loan,” Wiersma said.
Although iQ Credit Union has offered convenient microloans to small-business members to help them finance vehicles, equipment and office furniture or set up a line of credit for many years, the online application provides an overall convenient experience by expanding lending access to business owners who would have found it difficult to carve out enough time to meet with a loan officer and apply in-branch.
As the world has increasingly shifted to using digital tools, business lending hasn’t kept up with the ease and convenience of consumers’ online loan options. In fact, the majority of banks and credit unions, both regionally and nationally, still require business customers and members to apply for loans of all sizes by visiting a branch and speaking to a loan officer.
“Everyone is crunched for time,” Wiersma said. “Businesses are looking for the quickest and most convenient financial tools. iQ’s new microlending tools help close that gap and deliver an easy and convenient online solution to business owners.”