Eastern Bank in Boston has unveiled Express Business Loan, a product for small businesses.
The $9.6 billion-asset bank claims that applications for the loans can be completed in two minutes or less, or in three minutes for loans that require a Small Business Administration guarantee. The customer's account is funded immediately after the signing of the loan agreement, it said.
The loans are funded by Eastern Labs, a research and development group the bank established in April 2014.
"Small business owners are always moving and they should not be forced to slow down and deal with forms, documentation and long wait times just to secure a loan," Dan O'Malley, the founder of Eastern Labs and Eastern Bank's chief digital officer, said in a press release Monday. "The Express Business Loan updates an outdated process with new tech."
The offering is exclusive to customers of Eastern Bank, which tested the product last spring in 10 branches.