AEO myWaytoCredit.com

Association for Enterprise Opportunity

JPMorgan Chase and U.S. Treasury Sponsor "myWaytoCredit.com", a marketplace built on the LIFT platform, to connect small businesses with community lenders.

2River has been and remains an invaluable partner. By working with them to build our custom solution onto the LIFT platform, we were able to launch the myWaytoCredit.com small business referral marketplace faster and at a lower cost than if we had built it de novo. LIFT provides us with the security features we need to satisfy rigorous due-diligence of multiple bank partners. LIFT’s standard APIs also allow us to integrate with our partners for a better customer experience.

— Tammy Halevy, SVP New Initiatives, AEO

About myWaytoCredit.com

In 2015 the U.S. Department of Treasury selected the Association for Enterprise Opportunity (AEO) and 2River to design test and build a screening and assessment tool to connect small business owners with alternative funding sources when they are unable to qualify for traditional loans.

In 2016 JPMorgan Chase recognized the potential of the project. JPMorgan Chase announced their support to the advancement of the “myWaytoCredit.com” technology platform to connect small businesses with Community Development Financial Institutions (CDFIs) to provide small business loans and financial services.

The Challenge

Every business day, 8,000 credit applications from small businesses are declined. Based on AEO’s research this creates a $44-$52 billion credit gap. Increasing access to capital for underrepresented small-businesses is important to economic growth and healthy communities.
Past programs to provide borrowers with a “2nd look” highlighted three critical features for myWaytoCredit.com:
1. Banks would need to participate – security of the platform would be critical
2. Business owners and loan officers were already overworked – the system had to be simple to use
3. The program could not create “double declines” – matches would need a high degree of confidence

Why 2River and LIFT

AEO partnered with 2River to build the myWaytoCredit.com marketplace on 2River’s LIFT platform. By building on the LIFT platform, “myWaytoCredit.com” was able to accelerate the timeline for the project and deliver the security and ease-of-use features needed for success.

Halevy says “LIFT provides us with the security features we need to satisfy rigorous due-diligence of multiple bank partners. LIFT’s standard APIs also allow us to integrate with our partners for a better customer experience.”
AEO’s preferred web-design team created a beautiful website for small business owners to learn about the program and register. The team was easily able to integrate the website with the rest of the system using LIFT’s micro-service architecture.
The myWaytoCredit.com marketplace uses a combination of LIFT’s data handling and analytics services. AEO’s banking partners have the option of sending data via secure file transfers or direct API integration. Encryption, mutual authentication and role-based permissions ensure the data is controlled and protected in-motion and at rest.

Community lenders create profiles of businesses they serve best inside of the myWaytoCredit.com marketplace and the underlying analytics smartly matches them with business owners. These matches continuously improve based on performance and user-feedback.

The Benefits

Using LIFT as their data analytics infrastructure, myWaytoCredit.com was able to create a robust, secure small business referral marketplace in months not years. AEO was able to quickly advance the design of the program based on market feedback and the needs of their partners.

By integrating the customer file into a single view, AEO and their partners gain a holistic understanding of and insights on the customer relationship across business lines, products and channels.

By enabling community lenders to combine multiple customer data sources with advanced analytics, they are able to improve lead and opportunity conversion rates and business owners avoid a “double decline”.

LIFT provides myWaytoCredit.com with capabilities that enable platform security, administering users, auditing platform access and utilization, optimizing performance, and ensuring high availability and disaster recovery.

small-business-owner-truck-barter

Additional Resources

JPMorgan Chase

JPMorgan Chase announced their support to the advancement of the “myWaytoCredit.com” technology platform

Project CUE Overview

AEO partnered with 2River to build the myWaytoCredit.com marketplace on 2River’s LIFT platform. Read the full story of how myWaytoCredit.com Read more…

MyWaytoCredit.com Technology Webinar

Keith Catanzano (2River) and guests from OnDeck and Amazon WebServices discuss the technology infrastructure for myWaytoCredit.com

Micro-Capital Task Force Research Report

The American dream is out of reach for millions of Main Street business owners who are not able to access Read more…

Is Automation Right for your Credit Decisions?

This guide introduces key concepts and simple examples to determine if automation is right for your credit decisioning.

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