Bankwell Financial Group Selects Lendio Intelligent Lending to Help SBA 7(a) Accelerated Grant

LEHI, UTAH – Sept. 12, 2024– Bankwell Financial Group, Inc. (NASDAQ: BWFG) announced a strategic partnership with Lendio. It will use Lendio's Intelligent Lending platform to source, underwrite, and provide expedited SBA 7(a) loan offers to business loan applicants.

Bankwell will also use Lendio's digital loan application to offer loans to existing Bankwell depositors, new loan applicants, and other Bankwell customers supported by our partners.

“At Bankwell, we're all about partnering with the best in fintech to provide existing and new customers with high-quality service quickly and efficiently,” said Ryan Hildebrand, Chief Innovation Officer at Bankwell. “Our cooperation with Lendio is a good example. We are pleased to offer SBA 7(a) fast track options that simplify the loan process and help small businesses get the funds they need without waiting. It's all about making banking easier and more responsive to our customers' needs, and Lendio delivers.”

SBA loans have historically taken 30-60 days to originate. With this new partnership, Bankwell can provide faster offers with automated underwriting technology.

“SBA loans have long been the gold standard for small business financing, but until now they haven't been able to be processed as quickly as other forms of financing,” said Brock Blake CEO and Founder of Lendio. “I am very excited to partner with Bankwell on this new offering that is changing the landscape of small business lending.”

85% of small business owners say the speed of loan approval is important when choosing a lender, and 77% say they would prefer to apply online or through a mobile app.

A software-as-a-service (SaaS) offering, Smart Lending allows banks and financial institutions like Bankwell to assess risk more cost-effectively and quickly through a digital application and automated underwriting using transaction-driven analytics.

About Bankwell Financial Group

Bankwell is a commercial bank that provides banking and lending services to businesses and individuals. Bankwell was founded on the principles of providing an exceptional banking experience and adding value to the communities it serves. More about Bankwell can be found at www.mybankwell.com.

About Lendio

Lendio is revolutionizing small business lending by connecting small businesses, lenders, and service providers through an integrated technology platform. Their mission is to help the ecosystem that supports small businesses. Lendio offers specialized software to automate lending decisions, uses AI to match businesses with the right financing offerings, and integrates the loan marketplace within service provider platforms to help businesses access the capital they need to succeed.