VANCOUVER, BC, CANADA, November 30, 2022 – JUDI.AI, a leading SaaS small business lending platform for community lenders, announced today that six credit unions in Texas have selected JUDI’s AI-enabled platform to streamline lending to local businesses, in partnership with CU Evolution, a Dallas, Texas-based Credit Union Service Organization (CUSO) specializing in business lending.
- Family 1st of Texas Federal Credit Union | Fort Worth, TX
- LiFE Credit Union | Denton, TX
- Las Colinas Credit Union | Irving, TX
- Southwest 66 Credit Union | Odessa, TX
- Walker County Federal Credit Union | Huntsville, TX
- Tarrant County’s Credit Union | Fort Worth, TX
The JUDI platform will help automate the loan application and underwriting process, enabling CU Evolution to evaluate the creditworthiness of a small business borrower in less than 10 minutes.
With a shared deployment approach, CU Evolution will manage a single instance of JUDI’s cloud-based platform on behalf of the CUSO’s six credit union members. This model allows smaller credit unions to access new technology that would otherwise be out of reach, while increasing access to capital for their small business members.
“Our credit unions are very passionate about finding new and innovative ways to grow and avoid being the next target for consolidation,” said Ken Sessions, President and CEO at CU Evolution. “Our focus is helping smaller credit unions run successful business lending programs, so we’re excited to see the impact JUDI will have.”
“JUDI’s mission is to transform small business dreams into vibrant communities,” said Gord Baizley, CEO at JUDI.AI. “By working with a CUSO like CU Evolution, small credit unions now have a cost-effective way to leverage modern lending technology and better serve their small business members.
CU Evolution is also actively looking to expand its roster of credit union members, both in Texas and beyond.
“For credit unions with less than $250M in assets, we offer a compelling proposition,” continued Sessions. “If you have the desire and liquidity to get into business lending, but don’t necessarily have the resources to effectively manage the program in-house, we have the expertise and infrastructure to support you.”
About CU Evolution
CU Evolution enables small to midsize credit unions to offer a range of loan products to their members and prospects in a financially feasible way, including member business loans, multi-family investment property loans, lot loans and interim construction loans. The program allows these credit unions to increase loan interest income, fee income, deposits and profitability for a fraction of the cost of implementing an in-house commercial or member business loan department. CU Evolution fills the expertise requirement by credit union regulators in order to fulfil these types of loans, along with supplying personalized policies and procedures to fit each credit union’s risk profile.
Small businesses are the backbone of our local communities, but 40-50% of small businesses rank access to capital as their top challenge. Although the economics of small business lending have historically been untenable, mission and profit are no longer mutually exclusive in the digital world. Born and incubated inside a fintech lender, JUDI.AI enables community-based financial institutions to provide a fintech-like experience for small business loans. Combining the speed of consumer lending with the right amount of rigor from commercial lending, our AI-enabled platform uses a unique cash flow-based underwriting approach to eliminate the friction typically associated with small business lending. JUDI.AI pledges 1% of our equity, revenue, time and product to charities of our customers’ choice.