myWay to Credit
Connecting Underserved Microbusiness to Credit Options
What Is myWay to Credit?
myWay to Credit is a referral platform that connects small businesses to business mentors and credit options from trusted community lenders. Through our compliant, simple-to-use, and flexible marketplace, we are reinventing the customer experience for small business owners, community organizations and banks.
We’re Reinventing Yes.
What Are We Trying to Solve?
The Market Failure on Main Street
DECLINED REQUESTS FOR BUSINESS CREDIT EACH DAY
Credit gap for loans under $250K
Businesses in low-wealth communities need financing annually
How Did myWay to Credit Come to Be?
Seed money for this multi-bank industry solution resulted from a competitive national “Innovation Challenge” sponsored by the U.S. Treasury’s CDFI Fund, with follow-on financial support from the JPMorgan Chase Foundation. Standards to qualify marketplace participants have been developed in collaboration with the Center for Financial Services Innovation.
Who Can Participate?
- Low-cost way to acquire qualified customers
- More efficient applicant intake and screening process
- Advanced data aggregation and reporting capabilities
- Easy-to-adopt technology with minimum changes to daily operations
BANK REFERRAL PARTNERS
- Give small business clients another trusted option when you have to say “no”
- Retain small business relationships
- Track customer progress as they gain financial strength
- Meet CRA goals
SMALL BUSINESS OWNERS
- Small businesses are connected with lending products and services tailored to their needs