Foro, a fintech that aims to pair business owners with commercial lenders, has launched after receiving financial backing from a group that includes former Bank of America CEO Hugh McColl Jr.
The Charlotte, N.C., startup said in a press release that will focus on small- and midsize businesses. The plan is to reduce the initial vetting process for loan applications from 30 days to seven.
The venture launched after raising $8 million of Series A funding led by TTV Capital, with participation from Fin Capital, Correlation Ventures and AME Cloud Ventures.
Business owners anonymously fill out a simple, guided business profile. They then receive a list of interested lenders in as little as 48 hours.
“Even during economic uncertainty, capital is always available – everything just gets a little tighter,” Dave Godsman, Foro’s CEO, said in the release.
“By using Foro, businesses can secure capital more efficiently and with more support than the current model, while lenders can access a pre-screened pool of businesses that already fit their lending parameters,” Godsman added.
“The goal of increasing access to capital, particularly for business owners in underserved communities, is what sets Foro apart,” McColl said in the release.
Foro has “built a platform that streamlines the loan process and enhances lending strategies for financial institutions, and provides all business owners with the opportunities, tools, and confidence they need to grow their business,” McColl added.