Will a Bank Fund Me in 24 Hours? (U.S. Bank Announces High-speed Digital-only Loan Process)

Yesterday, U.S. Bank announced that it has created a fully digital application process that allows a small business to borrow up to $250,000 in one day or less.

“We created this new digital experience to deliver on our commitment to continuously improve the way we serve our customers,” said Tim Welsh, U.S. Bank vice chairman of Consumer Banking Sales & Support. “This is the first of several exciting digital initiatives we’re pursuing that we believe will better serve the needs of small businesses and consumers.”

The new streamlined process allows single-owner business customers to access loan products that the bank already offers. The application can be completed on any device – mobile, tablet or computer – and if approved, it will allow the borrower to review their loan details and electronically sign their closing documents.

The Minneapolis-based bank operates in 25 states and, together with its parent company, U.S. Bancorp (NYSE: USB), has $461 billion in assets as of June 30, 2018.

Todd Stone was a reporter for deBanked.