SEATTLE, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Captivion, the new marketplace that instantly matches SMBs looking for business and real estate loans with verified lenders, reducing a process that typically takes months to literally a few minutes, is now live in Washington State. Participating lenders at launch include Umpqua Bank, Columbia Bank, Foundation Bank, Pyatt Broadmark and CBC Partners.
In Washington State alone, there are more than 200 banks and credit unions. With nearly every lender requiring 80 percent of the same information on a loan application, regardless of the loan amount, weaving through myriad financing options is inefficient and extremely frustrating, and can also be intimidating, particularly for SMBs seeking financing for the first time.
Captivion expects to expand its service into additional regions over the next year. "We've created by far the simplest way for small businesses in Washington State to connect directly with banks ready and eager to loan money. Time is money, and we've completely disrupted the market by altering the expectations SMBs should have for how quickly they can get in front of verified lenders, process their loan and secure capital that keeps them going and growing," said founder Jeremy Hill.
SMB loans also represent a significant market opportunity. At present, there are 546,000 small businesses (meaning 500 employees or less) registered in the State of Washington. In 2013, those businesses originated 82,000 new small business loans for approximately $4.5 billion. Additionally, there are 150 FDIC insured banks that operate in Washington, 110 different credit unions and about 20 private families that provide commercial or real estate loans.
"In today's world, finding a banking partner who is truly a partner is rare. We believe that Captivion has created a great solution for business owners and are excited to be a part of it," said Diane Dewbrey, CEO of Foundation Bank. Founded in 2000, Bellevue-Washington-based Foundation Bank is a private, locally-owned, commercial bank, focused on business banking for small to mid-size companies in the Puget Sound area.
Captivion is completely free. SMBs fill out a quick form and within a matter of minutes Captivion (based on proprietary algorithms) matches the business with the lender that best fits their needs. Captivion takes several critical factors into account when matching a business to a lender – location, industry, type of loan (commercial or real estate), and loan amount requested.
Captivion will only partner with about a dozen different local lenders in the State, ensuring that businesses using the service would have sufficient lending options, but not be overwhelmed hundreds of possibilities, and not to create a hyper competitive scenario whereby lenders are unwilling to participate in the program.
Captivion completely changes how SMBs find capital from verified lenders. Captivion instantly matches Washington State-based SMBs looking for business and real estate loans with verified lenders, reducing a process that typically takes months to literally a few minutes. Captivion is completely free, to begin the process SMBs fill out a quick form and the type of financing they are seeking, and within a matter of minutes Captivion (based on proprietary algorithms) matches the business with the best lender that fits their needs. Participating lenders at launch include Umpqua Bank, Columbia Bank, Foundation Bank, Pyatt Broadmark and CBC Partners.