Innovation Finance is set to turn the $1 trillion U.S. business equipment loan industry upside down – by at last bringing efficiency and transparency to a process that has for too long not served the needs of American businesses who must rely on equipment loans to drive growth. At Money20/20, the Innovation Finance team officially launched QuickFi, a new mobile platform that challenges the status quo, proving that what historically has been a three-week process can be reduced to three minutes – without hidden fees and with competitive interest rates that put the needs of borrowers first.
 
“With today’s release of QuickFi, our commitment is to become the best, most trusted business equipment finance company in the United States,” said Innovation Finance Founder and CEO Bill Verhelle, the former leader of the trade association that represents banks and other corporate lenders. “Our industry does not provide the same protections and level of transparency to businesses that we receive when we take out personal loans. Banks and industry finance professionals have resisted adoption of rate disclosures that would more fairly serve business borrowers – so we decided to do it ourselves.”

Using the latest technologies, including artificial intelligence, blockchain and facial recognition, the QuickFi application offers creditworthy corporate borrowers direct access to fixed-rate term loans ranging from $5,000 to $5 million each. Because QuickFi employs a 100 percent digital process that takes less than three minutes, and because there are no salespeople or negotiations, the cost to process equipment financing transactions is a small fraction of the cost banks and finance companies incur to make a loan. These savings are passed back to borrowers in the form of lower rates and transparent, customer-friendly terms. Current 24-60 month loan interest rates range from 3% to 8.9%, far less than industry averages, with no fees or hidden costs.

“Banks are not organized for innovation or disruption,” said Innovation Finance President Mark Tomaselli, who will lead a demo of QuickFi later this week at Money20/20. “Commercial banks are simply not going to change their approach to these loans. So we imagined and built an entirely new business model to better serve creditworthy corporate borrowers by employing the latest technology. We are already getting terrific feedback from CFOs who tell us they’ve been looking for an alternative to the traditional, broken lending approach.”