The Portland, Ore.-based Mirador's lending platform uses machine learning and predictive analytics to help some credit unions level the playing field against larger financial institutions in originating lending to small businesses.
Mirador, which covers a range of commercial loans including term, lines of credit, commercial real estate, SBA and collateral-backed, said it helps credit unions with acquisition, efficiency and profitably; and small businesses to find willing lenders and better rates.
The Oregon firm held it more than doubles borrowers' chances of successfully obtaining a loan. Its conversion rate is 59% versus the industry standard of 25%. The company has helped partner financial institutions facilitate loans to more than 4,200 customers, with an average loan size of $132,000.
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