How It Works
Become a Member
It's FREE to become a Basic member of the iBank Small Business Finance Network. Every member is assigned a VAULT. You can upgrade to an EXECUTIVE membership and receive the following benefits to help your business succeed.
Search and/or Post for your Financial Needs
In your VAULT you can search for financial professionals or you can post your financial needs to our preferred nationwide professional network.
Get Matched Instantly with Financial Professionals
Within minutes your posting will automatically be matched to our network of financial professionals nationwide and at the same time they are notified of your needs. As an EXECUTIVE member the contact information of the matched financial professionals can be viewed in your VAULT.
Compare Rates and Terms
In your VAULT you can compare rates and terms, choose the best relationship for your business. And grow your business networking with your new financial professionals
Ask Questions and Get Answers
In your VAULT you can ask an iExec in Coaches Corner. This section allows you to ask question relating to marketing, social media, direction, acquisition, etc… to help your business. As an EXECUTIVE member you can ask your questions any time you need. You can also ask the community and iBank Team in our Community Forums. If you have general questions or comments you can create a “thread” in the Forums link inside your VAULT.
Network with our 530,000 members
In your VAULT you can invite friends, join events, get connected with other businesses in your industry.
Get Low Cost Business Services
In your VAULT you can hire bookkeepers, business plan writers, paralegals and credit managers at the lowest cost guaranteed anywhere because of our buying power to help your business with these critical tasks.
Our Promise:
i - Inspire Virtuous Leadershhip
B - Build S.M.A.R.T. Business Strategies
A - Assemble the Right Financial Professionals
N - Network your Business Nationwide
K - Keep a Well Balanced Life of Work and Play
Our Core Values:
OUTSTANDING Customer Service
INTEGRITY in our Activities
NOTHING is Impossible with God
KINDNESS in our Relationships
EXCELLENCE in everything we do
Our Mission:
Making Small Business Happen
FAQ
Q: What am I buying?
A: Ability to prepare and securely store a professional loan package which is seamlessly connected with over 325 lenders
Q: What makes membership better?
A: The commercial loan procurement process is a time consuming, paper intensive, and costly process. The VAULT has eliminated the need for paper, copies, faxes, overnight charges, and the numerous phone time and costs in locating qualified lenders. The VAULT stores and organizes all business data in a secure electronic VAULT-database which can be accessed 24 hours a day 7 days a week, anywhere in the world. The VAULT enables qualified parties, chosen by the borrower to look into the vault in order to submit questions and proposals. THe VAULT enables all lenders to see a question and the answer, thus speeding up the loan proposal process and eliminating the borrower from answering the same questions multiple times. Finance$uite does all the work once the business data enters the VAULT. Studies show that costs drop 30% and funding time drops from 60 days to 15 days.
Q: Is it FASTER?
A: The VAULT Technology is a proprietary Web-enabled software platform that sorts, manages and runs live interactive transactions specifically engineered for commercial business and real estate loans. The VAULT fully empowers commercial borrowers to take the time and costs out of the loan procurement process.
The VAULT intelligent technology sifts within seconds an entire data base of lenders worldwide including, banks, insurance companies, finance companies, pension funds and wall street firms synchronizing criteria established by the borrower's loan needs. The VAULT matches the lenders and borrowers loan type, size, and 0location and notifies the right institutions electronically. Lenders then view at their desktop an anonymous loan package. Interested lenders submit proposals on the loan package, which are viewed by the borrower. Once the borrower selects the winning lender, the closing is subject to due diligence directly with the lender using the Vault.
Q: Will it help me organize my loan information?
A: The VAULT organizes the loan request information to make it easy for a lender to make an intelligent proposal on a commercial loan. The VAULT offers are more than an application and enables uploading of a full loan package. There are 100 different unique loan applications, which represent the majority of all lending transactions.
Q: When I become a member, who can access the financial information provided by the borrower?
A: When members first submit the loan form, this data is stored in a VAULT, our secure technology archive. Only approved lenders who have specified an interest in your particular loan type may view the information. The borrower may upload/fax/scan any business information, which would assist lenders in making better proposals. This data in the VAULT can also populate for future loan applications.
Q: At what point is the member committed to obtaining a loan?
A: The member is not committed until the moment he chooses the winning proposal. This is stated clearly in the agreement between iBank and the borrower in the no-shop clause of the contract. Lenders will make offers to the borrower depending on the loan requirements. If the terms and rates do not fit the needs of the borrower, the borrower is not required to close with any of the lenders.
Q: How do members know that the lender honors the rate and terms offered in their proposals?
A: iBank tries to screen qualified lenders before they receive a vault key. The lender agrees not to re-trade the customer if everything described in the borrower's live submission form is accurate. Of course, if the information submitted by the borrower is stale, false or misleading, then the lender has the right to re-negotiate the deal or not to participate. Also, there is a feedback forum where borrowers rate lenders. Having negative information posted on a lender in the forum may keep other members from using that lender. Therefore, lenders will want to follow through as promised.
Q: Will members receive telephone calls or mail from soliciting lenders?
A: Yes. Once you register, lenders will be provided your contact info.
Q: How does the loan closing take place?
A: The lender and the member arrange closing procedures directly, without iBank's involvement. It is advisable to use the services of specialized professionals, such as attorneys, appraisers and accounting firms. If you need references for these professional services, iBank can provide trustworthy and reputable firms.
Q: How does the member know the lender is capable of funding the loan?
A: When the lender applies to submit proposals on iBank, the lending firm defines its loan criteria. The lender specifies what types of loans it will make in terms of size, sector of business, and category. Then iBank automatically matches only those borrowers that fit these lending criteria. Also, iBank uses a stringent process to review and approve lenders, and only those licensed lenders with proven performance records in the loan category are accepted.
Q: Is iBank a lender and/or broker?
A: iBank is a nationwide network of funding sources from hard money lenders to the nation's largest banks. iBank is not licensed to make or buy loans. iBank is a commercial financing marketplace used by lenders and borrowers to achieve an efficient direct debt trading market.
Q: Can lenders use iBank to see if a current customer is shopping for a new loan? A: No, because information provided to lenders for the initial proposal process does not include the borrower's name, so it does not reveal the borrower's identity or his current lender.