| By Jim Bruene on June 22, 1999 11:52 AM | Comments (0) |
NetEarnings/LoanWise
LoanWise, a small business credit marketplace,
landed American Express as an anchor tenant.
NetEarnings (Burlingame, CA) launched its small business loan marketplace after landing American Express as the marquee lender. American Express had been active on Intuit’s Cashfinder, a small business credit marketplace recently shuttered (see column at left). Unlike Cashfinder, which required a software download and installation, LoanWise is entirely browser based. Applicants supply the information listed in the table below and can be approved for a business loan of up to $50,000 within “seconds.” The entire process takes less than five minutes according to the company and does not require tax returns. NetEarnings pulls the business and personal credit reports as part of the process.
LoanWise Underwriting Criteria
| Required Company Info. | Required Owner Info. |
| Name | Name |
| Address | Address |
| Federal tax ID (EIN) | Social Security number |
| Fax number | Home phone number |
| Years in business | Work phone number |
| Checking account balance | Email address |
| Annual revenue | Personal annual income |
| Area of business | Personal net worth |
| How the loan will be used | Years owned the business |
| Desired loan size | Percent of company owned |
Source: company, 7/99
The company also runs a co-branded Small Business Loan Center on Yahoo! smallbusiness.yahoo.com/smallbusiness/finance/loans.html .
In addition to AmEx, Irwin Financial is currently lending through the
site and Security First Network Bank and Bank of Hawaii
are scheduled to come on board in the near future.
When we first looked at NetEarnings (OBR 6/98), it had yet to ink its first distribution deal and was running on angel funding. They’ve made great progress on both fronts landing investments from NAC Reinsurance Corporation and Irwin Financial Corporation also a LoanWise lender.
The company’s first Web-based product, real-time business credit reports from CreditFYI.com is now available on several prestigious small business and banking Web sites:
CreditFYI Distribution Partners
Small Business Verticals
American Express
Microsoft (MSN)
Intuit (Quicken.com)
VerticalNet
Banks
Bank One
Fleet Bank
Hibernia Bank
Carolina First
Danvers Savings Bank
Source: company, 7/99
Contacts: Mike Grossman is Founder & CEO,
mikeg@netearnings.com Kathy
Schroeder is Director of Business Development, (650) 401-3600.
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