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Banks And Credit Unions Speed Small Business Lending With FICO's Cloud-Based Loan Origination Solution

SAN JOSE, Calif., June 5, 2013 /PRNewswire/ --  FICO (NYSE: FICO), a leading predictive analytics and decision management software company, today announced that 1st United Bank, First Utah Bank, Lowell Five Cent Savings Bank, and MetroBank  are implementing the FICO® LiquidCredit® service, a cloud-based scoring solution that speeds consumer and small business lending decisions. The FICO solution will enable these lenders to approve small business loan applications in hours, not days, and help improve customer satisfaction and attract more small business customers.


These lenders are among those using the FICO LiquidCredit platform with the FICO® Small Business Scoring Service℠ (SBSS℠), which includes predictive models built specifically to assess small business credit risk. With this solution, lenders can offer faster decisions to small business applicants through process automation and instant risk assessment throughout their branches.

"University Credit Union is not just another bank, we provide a full range of services for every stage of our members lives," said Joseph Boekweg, vice president of lending at University Credit Union. "State-of-the-art lending services powered by FICO LiquidCredit enable us to assist our members manage their small business needs more efficiently and enjoy greater financial stability with quick and valuable loan decisions."

"It is our goal to establish the type of honest, long-lasting banking relationship our members need to be successful," said Mark Zupon executive vice president and chief credit officer at First Utah Bank.  "FICO LiquidCredit and SBSS enable us to promptly make lending decisions suited to help our members business grow and flourish."

"We take pride in being a service-oriented community bank providing tailor-made financial products and services to individuals, families, businesses, non-profits, and municipalities," said Donald Bedard, senior vice president, chief credit officer, and chief lending officer at Lowell Five Cent Savings Bank. "We selected FICO LiquidCredit and SBSS because we wanted flexible and powerful tools for implementing new lending strategies that help us meet the changing needs of small businesses. The FICO solution will enable us to get more credit flowing quickly to the local businesses we serve."

"Our business banking program was developed to cater to the unique needs of our customers and community business owners," said Paul Spotts, chief credit administration officer at MetroBank. "FICO is empowering us to help our customer get fast access to the financing they need to sustain and grow their businesses."

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