WATERBURY, Conn. – Webster Bank has modified a loan program to give qualifying small business approval of loans up to $250,000 within 24 hours of submitting an online application.
The loan program, dubbed the Fast Track Business Loan, is available to businesses looking for working capital, big-ticket items, seasonal items and more.
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John Guy, executive vice president of business banking, said the effort is to give small-business owners greater flexibility in applying for loans.
“They can apply 24 hours a day, seven days a week at their convenience,” he said.
Since the program first launched in 2015, the Connecticut-based bank has funded more than 1,000 loans, which it expects to grow with the expedited model.
“They can get a quick decision, and even have the funds within their account within as little as 48 hours,” Guy said.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
