Intro

BayFirst Financial is a premier small business lender located in Tampa Bay, Florida, with a growing network of banking centers around the region. Since opening in 1999, BayFirst has grown into one of the top 10 SBA lenders nationwide providing more than $1 billion in small business loans through its SBA lending program. 

The Challenge

Extending such a large volume of loans, BayFirst faced the challenge of having a manual loan workflow that not only became too tedious, but more significantly, too time-consuming to be completed in the expected tight. BayFirst's loan processing relied on an intensive manual process that utilized multiple systems, including email and various third-party vendors. This approach resulted in a complex and inefficient workflow. 

Additionally, BayFirst needed a platform to support SBA lending efforts in different market caps including their Bolt SBA Loans (up to $150,000), FlashCap (up to $350,000) and Premier (up to $5 million). 

“The specific need that we went out to Biz2x was a loan origination system that could scale and handle our workflow efficiently.”

Brandi Jaber - Chief Production Officer 

The Solution

BayFirst chose Biz2X to support the growing lending demand from business owners for conventional commercial loans as well as SBA loans through their separately branded SBA platform, CreditBench. 

The Biz2X platform played a pivotal role in addressing manual process challenges, introducing automation, and streamlining operations. It enabled BayFirst to shift towards a more technology-driven approach, significantly improving efficiency and competitiveness. 

“The Biz2X platform allowed us to become more tech-forward with automation. Reducing clicks and keystrokes was a huge benefit, and we've been able to process loans faster.”

Kiril Dimov - Director of the Small Business Loan Program 

As the lending landscape continues to evolve, particularly with small business loans, Kiril noted the abundance of available options in the market and underscored the common desire of business owners for prompt access to funds. 

Efficiency and scalability are top priorities for BayFirst, particularly in handling the high volume from the small loan program. The Biz2X platform effectively handles the significant workflow, playing a vital role in modernizing the entire process including providing transparency to their referral partnerships.  

The Result

BayFirst went live with Biz2X in March 2022 and experienced an immediate impact.  In October of 2023, the bank saw an even greater uptick in usage of Biz2X throughout all their banking divisions contributing to a staggering application creation rate of 50 new apps a day. 

“The Broker Portal through [the] Biz2X platform has benefited our overall volume by providing transparency, security and pipeline management to our broker community, which is really what they need when they're submitting loans to lenders like us.“  

Brandi Jaber - Chief Production Officer 

With Biz2X platform, BayFirst is able to offer a seamless digital experience with industry leading turnaround times to support clients’ needs for fast access to capital, and empowering BayFirst with a competitive advantage. 

 Key Outcomes for BayFirst Financial Bank   

  • Top 5 SBA lenders across nation 
  • 50+ new applications created daily in Biz2X. 
  • Over 3500 decisioned applications in 2023.