BBVA Compass has partnered with tech-powered lender OnDeck, to use its modern technology and business scoring system to offer loans to more small businesses.
Leveraging the OnDeck Score that examines thousands of data points, including cash flow, public records and social data to assess a small business health, BBVA Compass will deliver qualifying business clients with loans up to $250,000, six to 24-month payment terms.
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BBVA Compass small business segment director, Lonnie Hayes, said: "We’re singularly focused on providing small-business owners the help they need to move their businesses forward.
"OnDeck’s unique ability to quickly and accurately evaluate a business’s performance will allow us to help more entrepreneurs secure the financing they need, when they need it."
OnDeck chief operating officer, James Hobson, commented: "BBVA Compass shares our mission to bolster Main Street lending, and our partnership will help it serve even more customers."
In order to gradually expand its business offering, BBVA Compass is targeting small business owners. In 2013, the firm launched its business mobility bundle to enable micro-businesses manage their finances on the go.
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