Credit Unions can make a bigger impact in their communities and drive community prosperity by offering digitized SMB lending offered by Ranqx Reasons To Apply for a Business Loan A Forbes Advisor survey sought to identify how business owners used funds from their latest business loans. Respondents had the option to select up to three choices. According to the survey, a significant proportion of business owners used the funds for business expansion, with 42.4% selecting this option as one of their top three choices. Equipment purchases came in second place, cited by 29.4% of respondents, while marketing and advertising accounted for 28.6% of the loan usage... Other common reasons included: Inventory purchases (24.2%) Cash flow for everyday operations (22.4%) Payroll expenses (21.8%) Debt consolidation/refinancing (18.6%)[3] These findings shed light on the priorities of business owners as they look for ways to grow and develop their companies. They can also provide valuable insights for lenders and investors seeking to understand their clientele better. Article excerpts from Small Business Loan Statistics And Trends 2024 – Forbes Advisor Article What a huge opportunity for credit unions to get involved:
About us
The Ranqx Digital Lending Platform is a complete origination, decisioning and monitoring service for lenders of all sizes that are servicing the small business market. It transforms all paperwork and form-filling into smooth, streamlined fully-digital business processes. Ranqx is fully data-driven and puts existing small business accounting and credit data to work. This accelerates and streamlines the application and decisioning process. Working across a range of cloud APIs, Ranqx does all the heavy lifting to ensure your customers enjoy a quick, easy process and a fast automated decision. And you get all the data you need to support high-quality, low-risk lending decisions.
- Website
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http://www.ranqx.com
External link for Ranqx
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Auckland, Auckland
- Type
- Privately Held
- Founded
- 2014
- Specialties
- live business intelligence, Xero Integration, myob Integration, Sage Integration, QuickBooks Integration, Early Warning System for Banks, Digital lending, Lending as a Service, Loan Origination, Decisioning, and Monitoring & Alerting
Locations
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Primary
18 Viaduct Harbour Avenue
Auckland, Auckland 1010, NZ
Employees at Ranqx
Updates
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Ranqx reposted this
Seth Brickman, President of Ranqx, will discuss the similarities between serving on a nuclear submarine and how credit unions handle small business lending during his session, Lending Deeper at #UConference24. Find out more at https://hubs.li/Q02LCWK00. #uconference24 #creditunions #CUSO #CUdifference
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SMB lending drives community prosperity and Ranqx with our API first platform with direct connections to the data sources needed to underwrite and originate your SMB loans is ready to support your efforts to digitize the SMB loan process and help you help the community via empowering SMB's in a matter of minutes vs weeks. Reach out to Ranqx for a demo: https://lnkd.in/eXr8hexp https://lnkd.in/eNhcnavR 'Small businesses are the engines of growth in our communities, driving wealth creation and upward financial mobility. When small businesses succeed, our economy is stronger, more equitable and more resilient." -CFPB
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Ranqx reposted this
VentureTech has a proven track record of helping notable companies like Posh, Eltropy, Illuma, and Ranqx to break into the industry. This event is a chance for emerging fintech companies to get their solutions in front of an audience of leading credit unions, CUSOs, credit union leagues, and strategic investors. Applications are being accepted for a chance to pitch on the VentureTech stage. This is where fintech companies can gain exposure, drive awareness, and showcase their commitment to solving significant needs for credit unions. Last year, nearly half of the presenting fintech were led by underrepresented founders. For more details and to apply, visit https://lnkd.in/gGRyFvSE Credit unions and those interested in sponsorship opportunities can learn more and register at myventuretech.com. Curql is proud to partner again with CUNA Strategic Services to bring fintech to credit unions for #VentureTech 2024. #VentureTech #Fintech #CreditUnions #Innovation #Investment #Opportunity #Leadership
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Ranqx reposted this
SMB working capital lending has never been more important. Ranqx can provide a turnkey digital solution cresting an amazing member experience while making your staff more efficient. https://lnkd.in/eSNSGbDf
Small Business Lending Offers Potential Growth Avenue for Credit Unions
cutimes.com
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Ranqx reposted this
Join the Cooperative Credit Union Association this June in Bedford, New Hampshire, for the Fintech Connect conference! Discover how #fintechs have evolved from potential competitors to essential partners for #creditunions, revolutionizing member engagement with innovation and technology. The half-day event will introduce both emerging and established fintechs, featuring insights from industry experts. As an added bonus, if you go, you'll get to see Sam Das! 😊 https://lnkd.in/dNp5Qc3i
Fintech Connect
ccua.org
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SMB's make such an impact on communities. As credit unions, we can provide the necessary capital these small businesses need to help the communities we serve thrive. Ranqx removes all of the burden on your loan personnel and gets your local businesses a decision in minutes vs weeks. Check out our amazing platform ranqx.com #smb #community #peoplehelpingpeople #creditunions
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Press Release Ranqx adds Seth Brickman as President, Ranqx Nashville, TN/Auckland, NZ. (May 13, 2024) – Ranqx announced today that Seth Brickman has been named President, Ranqx and will lead all North America operations. This is a new position for Ranqx as we expand into the US credit union space. “The excitement about the Ranqx business lending platform has been overwhelming as has the realization that credit unions have an exciting future potential building relevance with community SMBs”, said Dave Lewis, CEO and Founder of Ranqx. “The ability to add incredible talent like Seth only furthers our ability to help the credit union industry live out people helping people by better supporting digital small business lending.” Seth is well known in the credit union industry as a sought-after speaker, leader, and for growing a member lending CUSO ~600% in a short period of time with a very successful exit. He is a mentor and coach to up-and-coming fintech leaders and currently serves on the Board of NACUSO and the Filene Think Tank. “Small businesses make up almost half the workforce, half of the US commercial revenue and over 60% of net new jobs.” Said Seth Brickman. “The ability to help small businesses get access to the capital they need in a fully digital way with each credit union’s own underwriting criteria in under 5 min (as opposed to 1-2 weeks) will be a game changer for communities nationwide and bring businesses back into the credit union. Any time we can drive deposits and impact communities at the same time, we are doing good things for the industry.” Ranqx offers business lenders the world’s best fully digital, compliant loan origination, decisioning and monitoring platform. Ranqx focuses on delivering the best customer application experience possible. Ranqx supports you, the lender, as you seek to digitally transition your organization with all the speed, revenue growth and cost saving benefits that it delivers as you positively impact community prosperity. ### Media Contact: Seth Brickman President Ranqx/Ranqx CUSO 425.949.6724 [email protected]
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From St Heliers to Seattle - no solar eclipse to be seen here today but plenty of immersive credit union engagement for the days ahead with our friends at Curql Accelerator #creditunions #smblending
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