A small Colorado bank's plan to fend off big SBA lenders
American Banker InBank in Denver is partnering with a software developer to expand its SBA lending operation nationwide.
InBank, a small player in Small Business Administration lending, is looking to make the jump to the big leagues.
To do that, the Denver-based bank is hoping to utilize technology to drive efficiency and keep costs in check. Last week, the $1.3 billion-asset InBank unveiled a strategic partnership with a Dallas-based software developer to launch an expanded small-business lending division, INTQ Financial. The unit aims to originate and service SBA 7(a) and 504 loans and USDA loans to borrowers nationwide.
To start, InBank, the bank subsidiary of Inbankshares, will hire a total of four new business development officers and enter markets in Arizona and Georgia. InBank named Tim Romano, who served as a managing director at its software partner, NOVATRAQ, to lead INTQ Financial.
According to SBA statistics, InBank has completed 14 7(a) loans for $18.2 million during the agency's 2023 fiscal year, which began Oct. 1. For fiscal year 2022, the bank completed the same number of 7(a) loans for a total of $14.7 million. Its CEO hopes an expanded small-business lending team, paired with NOVATRAQ's loan origination software should enable InBank to capture more government-guaranteed business especially from larger institutions.
