News : DCUC Insights

StreetShares Offers Their Software FREE to Credit Unions

Tuesday, March 17, 2020  
Share |

Given the extraordinary circumstances our Nation is currently experiencing, DCUC is endorsing an offer that has been made by Mark Rockefeller, CEO and Founder of StreetShares. 
 
StreetShares is veteran run and mission driven. They began as a marketplace lender specializing in providing small business loans to veteran entrepreneurs. Over the past few years, StreetShares has transformed itself into a provider of digital lending services serving all financial institutions and small businesses. This great organization was founded by Mark Rockefeller, a former Air Force judge advocate. StreetShares is also a strong supporter and exhibitor at several DCUC conferences and events. 
 
Mark Rockefeller has extended a proposal prompted by his concern about the liquidity of small businesses in the wake of the coronavirus epidemic. Many economic analysts have suggested that small businesses are likely to be among the casualties of the economic crisis this epidemic has spawned. Mark’s proposal is verbatim, below. DCUC believes this offer is one every American credit union should seize, particularly for credit unions that do not offer business loans, are up against the MBL caps, or are facing other limitations.
 
Here’s Mark’s offer:


We've been thinking a lot about what we can do to save the 1,000s of main street businesses that will fail in the next 2-3 months due to COVID 19.   
 
Credit Unions can't lend to these SMB because they can't underwrite them remotely. Fewer than about 100 of 10,000 banks/credit unions in America have a fully digital SMB loan application,and no one is going to walk into a bank branch for the next few months. So online is the only option. We're sitting on this tech at StreetShares.  
 
We've decided to give StreetShares software to credit unions for FREE, so they can maintain 100% digital, online loans, with next day funding for their SMB customers. Even with credit union employees all working from home, and business owners working from home, they can still get loan applications approved and funded. I just need help getting this free tech distributed. We need it out there ASAP, as businesses will start to fail very quickly. We are committed to getting credit unions launched within 10 to 15 business days to help their small business owners. 
           
Happy to answer any questions. 
 
Mark L. Rockefeller
CEO/Co-Founder | StreetShares 

DCUC invites you to reach out to Mark’s team. The point of contact for this project is Sanjay Bhaskar, VP Business Development, who can be reached at sbhaskar@streetshares.com.

COVID-19 Information