Ranqx

Ranqx Welcomes Ryan Brooks of WSECU to its Board of Directors   10/28/2024 – Ranqx, a digital lending platform transforming small business lending through automation and with real-time financial data, today announced the addition Ryan Brooks to its Board of Directors. With over 20 years of experience in technology and financial services, Brooks, who is WSECU’s Chief Digital Officer, brings an expertise and innovative approach to creating state-of-the-art technology solutions for financial services.   “As a company that drives innovation in the credit union industry, we are excited to work with Ryan and benefit from his record of innovation in the digital space.” Said Seth B., President of Ranqx.    “Consumers expectations are evolving at speeds we have never seen before, and our technology must meet consumers where they are with simpler and faster solutions.” says Brooks. “The first time I spoke with Ranqx founder Dave Lewis, I heard his passion and drive to deliver a superior solution to small businesses. I knew I wanted to work with him and the Ranqx team to help bring technology solutions into these businesses and make their work easier and more effective. I look forward to contributing to the growth and innovation that is possible for Ranqx in my role as a board member.”   Brooks has been with WSECU for 16 years. Prior to that he worked for start-up technology providers that served Washington Mutual, the State of Washington, American Airlines and others. As Chief Digital Officer (CDO) of WSECU, he oversees the digital channels, project management, and its Agile program. Brooks was instrumental in helping the credit union develop a Best in Show @CUNA Technology award-winning Digital Lending product, which reshaped how WSECU delivered consumer lending experiences to members through the digital channel.   About Ranqx Ranqx offers business lenders the world’s best fully digital, compliant loan origination, decisioning and monitoring platform. Ranqx focuses on delivering the best customer application experience possible. Ranqx supports lenders to digitally transition your organization with all the speed, revenue growth and cost saving benefits that it delivers as you positively impact community prosperity.

Ranqx Welcomes Ryan Brooks of WSECU to its Board of Directors   10/28/2024 – Ranqx, a digital lending platform transforming small business lending through automation and with real-time financial data, today announced the addition Ryan Brooks to its Board of Directors. With over 20 years of experience in technology and financial services, Brooks, who is WSECU’s Chief Digital Officer, brings an expertise and innovative approach to creating state-of-the-art technology solutions for financial services.   “As a company that drives innovation in the credit union industry, we are excited to work with Ryan and benefit from his record of innovation in the digital space.” Said Seth B., President of Ranqx.    “Consumers expectations are evolving at speeds we have never seen before, and our technology must meet consumers where they are with simpler and faster solutions.” says Brooks. “The first time I spoke with Ranqx founder Dave Lewis, I heard his passion and drive to deliver a superior solution to small businesses. I knew I wanted to work with him and the Ranqx team to help bring technology solutions into these businesses and make their work easier and more effective. I look forward to contributing to the growth and innovation that is possible for Ranqx in my role as a board member.”   Brooks has been with WSECU for 16 years. Prior to that he worked for start-up technology providers that served Washington Mutual, the State of Washington, American Airlines and others. As Chief Digital Officer (CDO) of WSECU, he oversees the digital channels, project management, and its Agile program. Brooks was instrumental in helping the credit union develop a Best in Show @CUNA Technology award-winning Digital Lending product, which reshaped how WSECU delivered consumer lending experiences to members through the digital channel.   About Ranqx Ranqx offers business lenders the world’s best fully digital, compliant loan origination, decisioning and monitoring platform. Ranqx focuses on delivering the best customer application experience possible. Ranqx supports lenders to digitally transition your organization with all the speed, revenue growth and cost saving benefits that it delivers as you positively impact community prosperity.

Ranqx is excited to add Peoples Advantage Federal Credit Union to it’s investors as well as one of our clients. Thanks to Amanda Habansky, CUDE and the Board of Directors for their innovative leadership in the Credit Union space. Peoples Advantage Federal Credit Union will soon be able help SMB’s get working capital, lines of credit, and business credit card lending decisions in ~5 min with a fully digital interface.

Ranqx can make SMB working capital lending a great experience for the financial institution and the SMB. Imagine your SMB members getting a response to their fully digital loan application in only 5 minutes and the loan officer only needing to click links on their computer vs spend 2 weeks getting documents. ranqx.com From the CFPB (https://lnkd.in/eNhcnavR): Small businesses are the engines of growth in our communities, driving wealth creation and upward financial mobility. When small businesses succeed, our economy is stronger, more equitable and more resilient. There are 33.2 million small businesses in the U.S. Small businesses accounted for more than 99.9% of all U.S. business. They employed 61.7 million people, or 46.4% of the American workforce. Source: U.S. Small Business Administration (SBA) 2022 Small Business Profile 18.3 percent, or about 1 million businesses with employees, are minority-owned 9.7% Asian-owned 5.8% Hispanic-owned 2.2% Black (African-American)-owned 0.4% American Indian or Alaskan Native-owned 0.1% Native Hawaiian or other Pacific Islander-owned Source: 2019 Annual Business Survey (ABS),  U.S. Census Bureau   19.9 percent, or about 1.1 million businesses with employees, are woman-owned Businesses without employees are owned almost equally by both women and men. Source: 2019 Annual Business Survey (ABS),  U.S. Census Bureau 5.9 percent, or almost 340,000 businesses with employees, are veteran-owned Approximately 3.9 million Americans are employed by veteran-owned businesses. Source: 2019 Annual Business Survey (ABS),  U.S. Census Bureau   But for some, accessing funding can be a challenge   Entrepreneurs often source capital from their personal and family savings to get their business off the ground 64.4% use personal and family savings 16.5% use business loans from banks or other financial institutions 9.1% use personal credit cards 8.7% use personal family assets (other than the owner's savings) Source: Annual Survey of Entrepreneurs 2016 , US Census Bureau Ideally, small business owners who want to use credit to grow their businesses would be able to obtain it. But some entrepreneurs struggle to access fair, affordable loans. Entrepreneurs deserve a fair chance at business ownership

Credit Unions are all about “People Helping People” We exist to serve our field of membership. The SBA says, “… the 33.2 million small/medium sized businesses (SMB’s) in the United States make up 99.9% of all firms across the country…” This means that your field of membership contains many SMB’s. The best way to drive community prosperity is by supporting SMB’s. Even the CFPB says, “Small businesses are the engines of growth in our communities, driving wealth creation and upward financial mobility. When small businesses succeed, our economy is stronger, more equitable and more resilient." So offering working capital loans, lines of credit and business credit cards to SMB’s actually makes your communities better. Ranqx has made this process completely digital and removed all of the friction. SMB’s go from application to decision in 5 min versus the typical 2 weeks and it is all API driven so they do not need to provide/upload all of the typical documentation. Ranqx can even connect directly to their accounting software and build a P&L and balance sheet. Let’s learn together how we can make a better experience for our SMB’s and drive community prosperity. Mark your calendars: CSS / Ranqx - Webinar - Jan 22, 2025 01:00 PM ET Can’t attend? Register anyway and we’ll send you a link to the recorded webinar.

What a great week for Ranqx. I started the week speaking at the Member Access Processing conference, then on to the Reseda Group Summit, finishing my week with Michigan Business Connection. What made the week great was the #creditunions commitment to community prosperity and how SMB lending drives that prosperity. Thank you to Steve Bone, Benjamin Maxim, and Bill Beardsley for the opportunity to share how Ranqx is changing credit union SMB working capital lending and therefore changing communities for the better. "Small businesses are the engines of growth in our communities, driving wealth creation and upward financial mobility. When small businesses succeed, our economy is stronger, more equitable and more resilient." -CFPB

If your business needs a boost, we can help with Fast Capital – the easy digital loan application that allows you to grow, expand, or provide a buffer, so you can watch your business really take off. 🚀 Real time decisions, anytime of the day. It's a fast and easy way for business owners to apply for lending from $5k – $1M. More info at 👉 https://lnkd.in/eDewAZ8

Ranqx with Seth B., Dave Lewis, and WSECU Press Release WSECU invests in Ranqx in support of a better business lending experience Nashville, TN/Auckland, NZ. (Aug 26, 2024) – Ranqx a fully digital small business lending platform announced today that Washington State Employees Credit Union (WSECU) headquartered in Olympia, Wash. has made an initial investment into Ranqx through their holding company, One Washington Financial. Their commitment includes an agreement to implement the Ranqx platform for a community-impacting pilot. This investment will help further the research and development work Ranqx is doing to help credit unions drive community prosperity by ensuring that small and medium sized business have access to the working capital they need to succeed.   “The best way to help communities thrive is to help small and medium sized businesses thrive,“ said Seth Brickman, President of Ranqx. Brickman went on to share that research performed by the Consumer Financial Protection Bureau notes that, 'Small businesses are the engines of growth in our communities, driving wealth creation and upward financial mobility. When small businesses succeed, our economy is stronger, more equitable and more resilient." Brickman said, “Providing working capital to SMB’s in a digital experience with decisioning in 5 minutes instead of the typical 2 week manual process will change the way SMB’s interact with credit unions.”   Credit unions are currently only receiving about eight percent of SMB lending and the majority of it is from commercial real estate loans. The ability to provide working capital loans, business credit cards and lines of credit will not only help small and medium-sized businesses thrive but will also drive depository relationships back to the credit union.”   “We are excited to partner with Ranqx to help the small and medium sized businesses that make up our communities, said Scott Daukas, Principal of One Washington Financial, WSECU’s holding company. “We want to provide capital to these organizations with an easy, streamlined experience, so that members can stay focused on growing their businesses. Ranqx will help us deliver on that vision while also providing the responsible lending practices that are expected of a world-class lender.” Ranqx offers business lenders the world’s best fully digital, compliant loan origination, decisioning (using banking data, accounting data, and over 1200 API driven data points) and monitoring platform. Ranqx focuses on delivering the best customer application experience possible. Ranqx supports lenders to digitally transition your organization with all the speed, revenue growth and cost saving benefits that it delivers as you positively impact community prosperity.   ###   Media Contact: Seth Brickman President, Ranqx/Ranqx CUSO seth@ranqx.com Credit Union News from CUInsight.com Mike Lawson Robert McGarvey Robbie Young, CUDE Frank Diekmann

Credit Unions can make a bigger impact in their communities and drive community prosperity by offering digitized SMB lending offered by Ranqx Reasons To Apply for a Business Loan A Forbes Advisor survey sought to identify how business owners used funds from their latest business loans. Respondents had the option to select up to three choices. According to the survey, a significant proportion of business owners used the funds for business expansion, with 42.4% selecting this option as one of their top three choices. Equipment purchases came in second place, cited by 29.4% of respondents, while marketing and advertising accounted for 28.6% of the loan usage... Other common reasons included: Inventory purchases (24.2%) Cash flow for everyday operations (22.4%) Payroll expenses (21.8%) Debt consolidation/refinancing (18.6%)[3] These findings shed light on the priorities of business owners as they look for ways to grow and develop their companies. They can also provide valuable insights for lenders and investors seeking to understand their clientele better. Article excerpts from Small Business Loan Statistics And Trends 2024 – Forbes Advisor Article What a huge opportunity for credit unions to get involved: