FinTech startup Foro has debuted a commercial lending platform designed to match lenders and businesses.
“For most small to midsize businesses, finding any commercial lending partner — much less one that’s a good fit for their capital needs — is time-consuming and complicated, driven by an antiquated, relationship-based model,” Foro said in a Thursday (Jan. 26) news release.
“The initial vetting and discovery process can take as long as 30 days, as many businesses struggle to tell their story effectively while financial institutions are left to filter through thousands of applications, the vast majority of which they have no interest in lending to,” the firm added.
The Charlotte, North Carolina-based company, in stealth mode until this week, says its platform connects businesses and lenders “based solely on fit” while shrinking the initial discovery period from 30 days to one week.
Foro says the platform has businesses fill out a profile that focuses on the specific questions lenders want answers to. From there, the profile is anonymized and routed for…