Building on success from PPP, First Bank will further enhance its small business banking services
BOSTON—First Bank, a $2.6B community bank headquartered in Hamilton, NJ, announced the expansion of its partnership with Numerated, the fast-growing fintech transforming how financial institutions lend, to make borrowing convenient and efficient for small businesses.
First Bank’s dedication to serving businesses in its communities was greatly exemplified by its efforts to support the Small Business Administration’s Paycheck Protection Program (PPP). During this time, First Bank chose Numerated to accelerate the application process for these loans. Now, the institution is expanding its use of the platform to digitize and expedite loan funding up to $500,000 for businesses throughout the region.
“During PPP, Numerated helped us efficiently process loans, so business owners could quickly and easily receive funds when they needed them most,” said First Bank CEO Patrick Ryan. “For us, it seemed a natural next step to bring that same efficiency to our entire small business banking line-up.”
Through this extended partnership, First Bank will deploy Numerated’s digital loan origination system for term loans, lines of credit, and SBA 7(a) Express to further simplify the borrower experience for businesses.
“As borrower expectations have changed, it has become imperative for community banks to provide businesses with the digital experiences they have come to expect. I like to think of First Bank as being the community bank leader leveraging digital capabilities with traditional personal banker relationships. That’s a winning formula for us in the future,” said Ryan.
“First Bank’s decision to continue digitally transforming their business segment reflects their dedication to serving business clients,” said Numerated co-founder and CEO Dan O’Malley. “With Numerated, First Bank will radically simplify their loan application process across even more of their business lending. We’re excited to be partnering with a clear leader in community banking in the Mid-Atlantic region.”
Numerated is a digital loan origination system for business banking that transforms the way financial institutions lend. The platform has helped over 100 financial institutions lend to more than 500,000 U.S. small businesses.
Learn more about Numerated’s digital loan origination system by visiting https://www.numerated.com/platform.
About First Bank of NJ
First Bank is a New Jersey state-chartered bank with 18 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset and Williamstown, New Jersey; and Doylestown, Trevose, Warminster and West Chester, Pennsylvania. With $2.63 billion in assets as of September 30, 2022, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol “FRBA”.
Numerated transforms the way financial institutions lend to businesses. Banks and credit unions use Numerated’s modern Loan Origination System to meet businesses’ expectations for digital convenience while driving significant gains in efficiency. The platform uses data to streamline originations for any business banking product, from application to decision to close. More than 500,000 businesses and 30,000 financial institution associates have leveraged the platform to process over $50 billion in lending, making Numerated the fastest-growing fintech SaaS company on the 2022 Inc. 5,000.