Oriental Bank has launched a new digital platform that seeks to make it “fast and easy” for small and medium-sized Puerto Rico businesses to apply for and manage commercial credits through the life cycle of their relationship.
The Oriental SmallBiz platform was created for businesses with $15 million or less in gross revenue that need short and long-term commercial loans, SBA guaranteed loans, loans for property acquisition, credit lines and credit cards. Small and medium-sized enterprises (SMEs) in Puerto Rico are often referred to by the Spanish acronym PYMES.
“We recognize PYMES businesses expect agility and refined customer experience when they engage with banks, and we are committed to providing that,” said Ganesh Kumar, Oriental’s head of retail banking.
“With the Oriental SmallBiz platform, we have once again advanced our digital channel capabilities, continuing to differentiate our value proposition,” he said.
Open to existing clients as well as businesses new to the bank, Oriental SmallBiz is the latest in a series of digital channel solutions making access to retail and commercial products and “easy, fast, done services.”
The effort, which began in 2013, has resulted in more customers, new loans and growing deposits. By digitizing the commercial credit life-cycle for clients and the bank, Oriental SmallBiz is expected to reduce time to decision considerably among other benefits.
- Applicants access the portal, review requirements, and complete a questionnaire, which recommends the product best suited for their needs.
- Applicants can then upload required documents, download the completed application, and check the status online.
- After funding, clients can monitor their accounts, update reporting covenants (such as providing financial statements) and other requirements, and process renewals.