Liberty Bell Trust Partners With Local Fintech to Speed Up Loan Approvals

Liberty Bell Trust has begun using an automated underwriting platform built by a Philadelphia fintech startup, cutting the average small-business loan decision time from roughly two weeks to under 48 hours.

The bank says the system pulls cash-flow data directly from a business's accounting software, reducing the paperwork burden that has long discouraged small operators from applying through traditional banks rather than online lenders.

"Speed was the single biggest complaint we heard from business owners," said a senior vice president overseeing the rollout. "By the time we approved a loan the old way, some of them had already found the money elsewhere, often at worse terms."

Early results show a modest rise in applications from Black- and Latino-owned businesses in North and West Philadelphia, communities the bank has previously struggled to reach through its branch network. Executives caution it is too early to call the trend permanent, but say retention of first-time borrowers has been stronger than expected.

The bank plans to extend the platform to real estate and equipment loans under $250,000 later this year.