IRVINE, Calif., Jan. 25, 2005 (PRIMEZONE) -- Credentrust Software, Inc., the premier developer of e-workflow collaboration online software, has set a new benchmark on how small businesses and commercial real estate owners/buyers can secure loan, lease or mortgage packages over the Internet. Through iBank.com, a website that serves as a commercial lending marketplace for business loans, commercial-mortgage loans and equipment lease financing, Credentrust has developed a quick and easy way to create a professional loan/lease package, connect to more than 225 lenders nationwide and close a loan without having to fill out countless applications and search for the right lenders.
Truly unique in its concept, Credentrust quickly has positioned iBank.com as the leading financial resource on the web for small businesses. Indeed, with a list of lenders that include some of the world's largest banks like Wells Fargo, Bank of America and Citibank, the company also has partnered with community banks, private investors, brokers and credit unions. iBank.com has already processed $4.7 billion in loans during November 2004, up from $3.5 billion the prior month and $50 million since its launch in January 2004.
"No longer does the small business owner have to deal with making dozens of copies of a loan package and the endless calls and meetings with local lenders, only to be turned down for the loan," said Thomas O. Markel, president and CEO of Credentrust. "There is no doubt that the entire loan process with a bank can be costly and intimidating at the least. iBank.com eliminates this giant hurdle by opening a huge window of opportunity and getting the appropriate information in the hands of qualified lenders nationally without leaving your home or business. iBank.com has created a level playing field for the small business owner seeking finance."
How the Process Works
In a short time, iBank.com has established itself as an integral player in the finance arena by offering small businesses and commercial property owners and buyers access to the fastest-growing commercial lending search engine in the nation. Yet while iBank.com provides a fast, secure and accurate process, maybe more importantly, the company eliminates the fear factor and improves market knowledge.
Utilizing state-of-the-art advanced search engine technology, iBank.com enables the applicant to target a list of nationwide lenders using pre-qualification criteria, including loan size, loan amount, credit score, years in business, loan to value, location, industry, loan or lease type. Once the lenders are identified, applicants can begin the step-by-step self guided process of creating a professional loan package into a single application provided by iBank.com. This information is stored in a secure "vault" which the applicant can access at anytime, anywhere in order to edit, organize, or store tax returns, financials, management bios, pictures etc.
Once the application package is complete, iBank.com automatically places the applicant's information onto the specific lenders' application and sends it electronically to lenders that have loans/mortgage programs with matching criteria. The lenders then receive the applications directly into their systems, while the applicants receive faster analysis and processing of their applications. The whole process, when compared to manually preparing separate loan packages individually and finding the right lender, eliminates about two-thirds of the time and cuts 90% of the cost involved. The iBank.com loan package preparation and lender presentment process is completely paperless and allows lenders and applicants to collaborate nearly in real-time in order to view, analyze, propose and close their loans. Additionally, lenders access qualified pre-screened new customers which eliminates advertising costs and provides local, regional, and national exposure.
According to Chuck Fuller, vice president of business development at Entrepreneur Magazine, iBank.com offers something no one lender does -- variety. "iBank.com provides a valuable service which allows entrepreneurs to rapidly access lenders and find opportunities from a variety of lenders," Fuller said. "From what I can tell from this service, it's got some legs. But what really sets iBank.com apart from other services is that it doesn't specialize in any one loan type, but has the ability to process a variety of funding needs to a nationwide pool of lenders."
iBank.com Helps Business Succeed
Markel, who believes small businesses are the backbone of America, says iBank.com was created to give small business owners hope and knowledge of the lending markets.
"Being a third-generation small business owner, no one -- particularly your family -- wants to see you in business for yourself," Markel said. "You hear the pitfalls and concerns from everybody: 'Get a job. Why take the risk? You need to bring home a steady paycheck . . . ' But besides those concerns, maybe the biggest hurdle for the small-business owner is the barrage of paperwork required by government, vendors, employees and lenders. This is the primary reason iBank.com was created. We wanted to take the paperwork out of getting a business loan and make it faster, easier and stress-free for the small business.
"We also wanted to make it available anytime, anywhere so that the small business person can operate during the day, and complete their loan packages at night or on the weekends or whenever they have a moment to spare."
However, the program isn't only available to small businesses. Larger corporations, which routinely screen applicants for leases, loans, trade credit or franchise opportunities, such as CB Richard Ellis, Sysco Corporation and Matco Tools, have purchased the rights to the software from Credentrust to use with their own business customers. Most recently, Credentrust added Global Equity Lending to its partnership network. Global Equity Lending is one of the nation's premier residential mortgage companies offering a complete line of residential loan programs through its network of branches nationwide. The company, which offers its clients highly competitive rates and the ability to originate loans and transact business in 48 states, wanted to expand and offer their customer base commercial financing as well.
"We were looking for someone who had state-of-the-art web-based commercial loan origination technology and we certainly found that in Credentrust," said Don Martin, CEO of Global Equity Lending. "This is just the beginning of how potent and revolutionary this commercial service will become."
About Credentrust Software, Inc.
Based in Irvine, Calif., Credentrust provides hosted solutions that enable companies to quickly and efficiently process new customer accounts and provide existing customers with access to financing to help them grow their business. Formed in 1999, Credentrust's mission is to enable corporations to sell more products and services to their customers by providing them with seamless connectivity to credit and capital. The company's success is based on its ability to empower companies to capture, grow and service their customers by enhancing their financial relationships. Current corporations using Credentrust web-based applications include CB Richard Ellis, Sysco Corporation, Hilton Hotels and Pioneer Electronics.