Beta Financial Services

Originating small business loans requires banks to undergo an expensive, time-consuming and error-prone process of vetting applicants historical financial information. Beta Financial services' proprietary algorithm decisions loans in a fraction of the time and cost of the traditional approach, while also improving predictiveness. According to the F... ederal Reserve, small businesses spend an average of 25 hours preparing documents for loan applications. Banks then spend an average of 4-6 weeks evaluating loan applications. Beta Financial Services automates this work, reducing the time required to complete and evaluate loans from months, to minutes. Gathering and vetting financial documentation for accuracy is a huge cost driver. Through the company's use of 3rd party data providers, Beta Financial Services is designed to collect an even greater breadth of information while avoiding the high cost of manual collection and evaluation. The company's algorithm removes human bias by employing only the most rigorous statistical analysis in decisioning loan applications. As a result, the company's scoring of applicants more accurately determines ability and likelihood of repayment, reducing average default rates.Read More