#USA #Somerville #Baker Hill #FICO #Naveo Credit Union

Naveo Credit Union Accelerates into Business Lending with Baker Hill

Naveo Credit Union, rooted in the community of Somerville and serving the Greater Boston region, is making significant strides into the realm of Member Business Lending. This strategic shift comes in partnership with Baker Hill, a leading provider of lending solutions. The union is aimed at fostering small business growth, a vital aspect of the community that Naveo has long been committed to.

As the market landscape evolved, Naveo honed in on its responsibility to back the small business owners that form the backbone of the local economy. This initiative is not simply about providing loans; it's about creating a supportive environment for entrepreneurs, creators, and business owners who rely on timely access to capital.

Karen Yee, Chief Lending Officer at Naveo, emphasized their mission: "Our members are entrepreneurs, creators, and small business owners. We want to be there for our members and neighbors when they need capital—not in weeks, but in hours." Traditionally, the commercial lending process has been lengthy and often cumbersome, requiring complex documentation like financial statements and tax returns. However, with Baker Hill's refined lending platform, Naveo is set to transform this experience.

The integration with FICO’s Small Business Scoring Service ensures that Naveo can manage risk effectively while expediting approvals. David Smith, the Small Business Segment Leader at FICO, affirmed that this collaboration will result in more standardized and quicker lending processes for small business owners, making funds more accessible and reducing the obstacles typically encountered in securing loans.

Baker Hill's CEO, Andy Ivankovich, highlighted the innovative approach that Naveo is taking in the business lending arena. He remarked, "What Naveo is doing isn't just smart—it's bold. They are stepping into business lending with the kind of tech stack usually seen at the biggest banks. Technology serves as the great equalizer, enabling Naveo to lead with purpose and agility."

This new strategy by Naveo is emblematic of a rising trend among credit unions to broaden their lending capabilities. By diversifying their portfolios and addressing community needs in real-time, credit unions like Naveo are positioning themselves competitively within the small business lending sector. This proactive approach not only addresses local economic needs but also reduces portfolio mix concentrations, ensuring a more robust financial framework.

Founded in 1928, Naveo Credit Union has been dedicated to providing inclusive and community-centric financial solutions. With branches located in Somerville and Cambridge, and a member base of around 10,000, it operates with a focus on empowering individuals through their financial journeys. Their collaborative efforts with Baker Hill are not just about improving their services but about committing to the local entrepreneurial spirit that fuels the community.

As Baker Hill supports Naveo through this transition, the partnership stands as a vital reminder of the significant impact that financial institutions can have on local economies. With a vision to lend faster, better, and more efficiently, Naveo Credit Union is poised to become a pivotal player in the small business landscape, offering the necessary tools for success to its members.

For more information on Naveo Credit Union and their offerings, you can visit their official website. Likewise, Baker Hill provides further insights into their innovative lending solutions on their platform.