Talk about miracles.
River City FCU in San Antonio knew it wanted to make small business loans - many of its members owned and/or worked in small businesses - and you have to know how hard it is for any small business to snare a loan. Then up the degree of difficulty if the small business is minority owned (and River City's membership is majority Hispanic).
How can those typically small loans be profitably made?
And then the miracle happened.
Compliance Systems, a provider of compliance documentation tools, realized that CDFI credit unions - community development FIs - were looking for ways to get more involved in business lending.
Along the way Hawthorn River, a developer of community banking software, hopped into the action.
So did IMM, a develop of e signature and digital transaction tools.
For Jeff Ivey, CEO of River City FCU it was put up or shut up time and he did not blink. He was all in.
The exceptional deal sweetener - Compliance Systems, IMM, and Hawthorn River agreed to donate their work, both because it simply was a wonderful thing to do but also because they now have available a tool kit that will let them put into place small business lending at many small credit unions.
This sounds like a Christmas fable? Indeed. But it is a reality and in this podcast you will hear how it came together, how it is working out, and Ivey as well as executives from the three tech companies all offer perspectives.
Here's a link to a press release with all the details.
Listen up.
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