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The new service, called the iBranch, is a cutting-edge financing solution that enables construction businesses to borrow money from Lendica without having to switch to a different platform. The innovative service represents a fusion of Lendica's AI credit underwriting and SubcontractorHub's end-to-end construction solutions. This synergy facilitates a seamless and efficient financing process, allowing construction businesses to access fast and low-cost funding without the need to transition to a different platform.
SubcontractorHub, as an industry leader, aims to seamlessly connect construction businesses through its dynamic platform. By integrating customers, financing, sales, contractors, and projects, the platform empowers solar enterprises, facilitating growth and scalability within the industry. This comprehensive approach streamlines operations and enhances overall efficiency for construction businesses.
The iBranch, leveraging the growing trend of embedded lending popularized by industry giants like Amazon, Shopify, and Square, is set to become a key player in meeting the credit needs of small businesses. Embedded business loan origination is projected to experience a staggering 125% year-over-year growth, reaching an annual origination of $500 billion by 2030.
Jared Shulman, CEO and co-founder of Lendica expresses his enthusiasm about the partnership. "We are excited to partner with SubcontractorHub, the industry leader in construction software. This is a mutually beneficial partnership, as we can use our AI credit underwriting to offer fast and low-cost financing solutions for construction businesses." He adds “Traditional small business credit is very expensive with the average borrower paying 61% APR. Our embedded lending programs can dramatically lower rates to our customers by leveraging private datasets for more effective underwriting and better sales channels to cut customer acquisition costs.”
Jerry Shu, the company’s CTO/Co-founder, adds that the power of AI-driven credit underwriting shines with rich, embedded datasets that banks and non-bank lenders struggle to process. The benefits of embedding lending extend beyond happier and healthier borrowers. Independent software vendors, or ISVs, earn a portion of the fee revenue generated from their embedded lending program.
""Our integration with Lendica marks a significant milestone for Subcontractorhub, streamlining access to vital funding for solar projects. By leveraging Lendica's innovative platform, we empower our users with seamless financing solutions, accelerating the transition to sustainable energy. Together, we forge a path towards a brighter, cleaner future." - Steve Doll, CFO of Subcontractorhub
Lendica enhances the financing experience for construction businesses, offering features such as instant decisions, fair pricing with low rates and fees, and no credit impact, providing flexibility even in cases of rejection.
This strategic alliance is poised to make a significant positive impact on the construction sector, by offering customers unique access to fast, affordable capital sources to support the completion of jobs and scale their businesses made available directly from their SubcontractorHub dashboard.
To learn more about Lendica and its transformative potential for your construction business, please visit https://learn.golendica.com/partner/subcontractor.
About SubcontractorHub
SubcontractorHub Inc. is the industry leader in providing project management and sales velocity solutions in the construction industry. The state-of-the-art technology platform offers contractors and business owners a comprehensive range of tools and services in the construction sectors. From sales velocity and AI-intuitive design to customized proposals and project management features, SubcontractorHub streamlines processes and enhances efficiency. With built-in customer portals, project tracking, comprehensive dashboards, and reports, it provides a seamless experience for construction firms to scale their business. Visit us at www.subcontractorhub.com
About Lendica
Lendica is an embedded finance platform that changes how SMBs access capital. Lendica’s offering, called the iBranch, is an embedded financing service that enables SMBs to borrow money from Lendica (instead of traditional financial institutions) without leaving their software vendor's platform. Lendica’s software captures and standardizes SMB profiles to promote instant funding decisions for merchants. We are on a mission to build critical infrastructure to improve market efficiency and empower SMBs to use their data for their benefit.
Renee Surratt
SubContractor Hub
[email protected]
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