New betaSpace Partner Mirador Financial Offers Turnkey Rocket Engine for Small Business Lending

Trevor Dryer, CEO and co-founder of Mirador Financial, started by talking to credit unions about their business lending needs. What impressed him the most was how they turned the conversation back to the needs of their members.

“It was refreshing that the first question they asked was, ‘How can we serve our members better?’” he said.

Credit unions told him over and over that many of their members were running small or home-based businesses that needed small amounts of capital — often less than $50,000 — and that no commercial lenders were serving them in that space. These credit unions were looking for a way to serve their members without bringing on a whole new small business lending team.

Dryer and his team created Mirador Financial to solve problems just like this one. Traditional lending processes takes weeks and piles of paperwork to go from starting an application to getting a decision. This process is extremely costly and time-intensive.

With the software-driven solution of Mirador Financial, a credit union member can apply for a loan right from her credit union’s website in as little as 15 minutes, and she can get a decision immediately.

“We’ve worked very hard to make this seamless and as easy as possible,” said Dryer. Mirador talks with the credit union about their goals and strategies, and helps them choose the best deployment of the Mirador system. The company then customizes their underwriting software to match the credit union’s policies.

Implementing the system is as easy as adding a single line of code to the credit union’s website. And when members comes to the site they don’t see Mirador at all, they just see their credit union offering them a great new service.

Mirador Lending Engine

Mirador’s powerful lending engine can even incorporate non-tradition data, like customer reviews. For more information, visit their page on the Strategic Link site.

In addition to the streamlined process and easy implementation, Mirador offers a powerful decision engine that can pull in and process much more data than traditional lending systems that revolve mostly around the credit score, payment history and bankruptcy status.

“Our system scans for over 500 data points on the credit report alone,” said Dryer. And they are able to package all that information and hand it off to credit unions in an easily digestible form.

They can also pull in non-traditional data. For instance, the Mirador system can pull in things like Yelp scores and other reviews to judge customer sentiment. And they are launching a new feature to allow lenders to continuously monitor traditional and non-traditional data points for existing loans. “If a business starts getting negative reviews, the system can alert a credit union so they can reach out and work with the borrower before it becomes a bigger problem,” Dryer said.

For credit unions who don’t yet have a small business lending program, Dryer said that Mirador’s solution is a great way to start one. “For they see the need for small business lending but are thinking to themselves, ‘I’m going to have to hire 20 people,’ I think they should really have a look at our system,” he said.

“And for credit unions who are already doing small business lending,” he added, “we can revolutionize their process to make it faster and more efficient.”

The Mirador system is not limited to smaller loans. “Customers use us for loans of hundreds of thousands of dollars,” said Dryer, “but sub-$50,000 loans are a great place to get started.”

Mirador’s goal as a company is to give lenders the best system for small business loans, so that they can fund the entrepreneurs who drive America’s economy. “By giving credit unions the best possible view of their portfolio and streamlining the loan process we can help them make more good loans to qualified small businesses.” he said. “That’s why we named our company Mirador, which means a balcony designed to give an expansive view.”

Mirador Financial is one of the latest financial technology startups to join betaSpace, which connects Northwest credit unions with cutting edge technology vendors. betaSpace is a program of Strategic Link, the NWCUA’s collaborative hub connecting credit unions with the best business solutions partners.

To learn more about Mirador Financial and how to implement their solution, visit their profile on the new betaSpace website and contact NWCUA Director of Strategic Partnerships Craig Reed at 206.340.4789 or creed@nwcua.org

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

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