TABS Suite Launches Pilot Program with Colorado Lending Source to Disburse $25M, Initially.
Mountain View, CA — TABS Suite has been chosen by major SBA lender Colorado Lending Source to help augment the underwriting process for dispersing a fresh $25 million in state funding to small businesses seeking financing. The deal, poised as a pilot for a much larger collaboration, was spearheaded by Colorado Lending Source’s new Chief Executive Officer Christopher Myers, who joined the organization in November 2020.
We’re thrilled to work closely with TABS Suite to bring a modern, tech-driven approach to the financial due diligence process that is at the very heart of lending,” Myers explains. “As one of the nation’s most prominent Certified Development Corporations (CDCs), helping expand access to capital for the country’s small businesses is our central mission. The TABS platform will, without a doubt, help us expand our reach and deliver more support to struggling small businesses.”
This deal stems from the launch of a new type of TABS diligence assessment (TABS SMB), centered around evaluating and scoring traditional brick and mortar small businesses (as opposed to its main types of assessments focused on the venture / tech-startup industry). Unnat Bak, Chief Strategy & Ops at TABS Suite, explains the move as “a strategic step in expanding the platform’s user base.”
TABS has continued to experience unprecedented growth in the market, and expects the SMB assessment to add volumes to it. Working with Colorado Lending Source is the first step in a multi-faceted expansion plan to all types of financial institutions. Following the release of its SMB assessment, TABS has initiated conversations with several major banks and venture debt investment firms, expecting to kick off Q1 2021 with additional partnerships, both locally and globally.
About TABS Suite: Engineered by successful serial entrepreneurs and veteran seed investors, the TABS Suite is the first DaaS (Diligence-as-a-Service) platform that provides a comprehensive, holistic, and in-depth qualitative evaluation of an early-stage venture (from Seed to Series A). Founders interact with the TABS machine-learning platform which takes a ‘full-body x-ray” and scores the company by giving value to intangibles encompassing non-balance sheet assets. accompanied by a detailed diagnostic report, an action plan with specific steps, comparative analytics, and tailored recommendations. The TABS Suite has been widely adopted as a way for anyone to take a look under the hood of a growing venture in a fraction of both the time and cost the process usually takes.
About Colorado Lending Source (CLS): Celebrating 30 years of lending, Colorado Lending Source cares about small business, creating long-term alliances with our lending partners and borrowers, being a resource to empower entrepreneurs, and making Colorado the best state in the nation to start and grow a business. CLS partners with local lenders, government agencies, and other small business resources to make access to capital more attainable. As a mission-based lender and small business-financing expert, CLS is committed to fostering the economic growth of diverse small businesses within communities. Since 1990, CLS has funded over 3,800 loans helping to create nearly 29,000 jobs injecting over $4.7 billion into the economy. Visit Colorado Lending Source for more information: www.coloradolendingsource.org