Lending > Best Lending Platform
Celebrating its 20 year anniversary, PayNet was co-founded by William “Bill” Phelan to close the "small business credit gap." Bill is a small business expert and fintech visionary who is passionate about used technology to get capital to Main Street businesses - the lifeblood of any growing enterprise.
One of the most challenging aspects of small business growth and investment is access to capital. Global and national bank powerhouses are focused on large dollar loans while smaller lenders have struggled to keep pace with advances in banking technology. Those two forces have kept small businesses in need of capital on the sideline, hampering their growth, hiring and investment plans. In fact, the decline of big bank lending has had a dramatic impact on local economies, jobs and business formation during and after the Great Recession.
PayNet empowers banks, community institutions and alternative lenders with the technology to make these much needed small business loans to local companies around the country. PayNet's one-click commercial credit platform is a significant step forward in "digitizing" the lending process.
PayNet was recently acquired by Equifax. It's a powerful combination that brings together complementary data sets, to cover 99% of the private markets. Today, PayNet has the largest proprietary database of small
business loans, leases and lines of credit that encompasses over 24 million contracts worth over $1.6 Trillion.
Using state-of-the-art analytics, PayNet provides relevant, timely and secure credit assessments that generate more profitable earning assets, freeing up credit for Main Street - helping economies grow.