No captionHeartland Bank has released Open for Business, an online tool allowing small businesses to apply for a loan in under three minutes, and get a decision in seconds. Heartland Bank says the tool is atransformative new product for New Zealand SMBs. SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe “Small businesses are the backbone of the New Zealand economy and we have recognised that they have challenges accessing much needed finance for growth,” says Jeff Greenslade, CEO of Heartland Bank, in a statement. We are proud to be the first bank to market with an application process that is this quick and easy. It will transform the way small businesses access financeJeff Greenslade, Heartland Bank “We identified a gap in the market for small business owners, the vast majority of whom have fewer than five employees and are time poor. We understand their need for speed, simplicity and responsiveness in sourcing finance to grow their businesses,” adds Greenslade. Open for Business allows small businesses to get an immediate approval for unsecured loans of up to $50,000 through a short process of around 10 questions with a decision on screen. In the background a secure and industry standard verification check is completed and, once confirmed, the loan is approved. Businesses receive the loan in approximately 24 hours, reports Heartland Bank. The Open for Business platform also enables same-day decisions for business loans between $50,000 and $250,000. “We are proud to be the first bank to market with an application process that is this quick and easy. It will transform the way small businesses access finance,” says Greenslade. Through the use of new technology and smart questioning techniques incorporating industry metrics, turnover and operating margins, Heartland Bank says it has been able to reduce the input required by the small business owner to an absolute minimum. Send news tips and comments to divina_paredes@idg.co.nzFollow Divina Paredes on Twitter: @divinapFollow CIO New Zealand on Twitter:@cio_nzSign up for CIO newsletters for regular updates on CIO news, views and events. Join us on Facebook.Join the CIO New Zealand group on LinkedIn. The group is open to CIOs, IT Directors, CDOs, COOs, CTOs and senior IT managers. Related content feature Mastercard preps for the post-quantum cybersecurity threat A cryptographically relevant quantum computer will put everyday online transactions at risk. Mastercard is preparing for such an eventuality — today. By Poornima Apte Sep 22, 2023 6 mins CIO 100 CIO 100 CIO 100 feature 9 famous analytics and AI disasters Insights from data and machine learning algorithms can be invaluable, but mistakes can cost you reputation, revenue, or even lives. These high-profile analytics and AI blunders illustrate what can go wrong. By Thor Olavsrud Sep 22, 2023 13 mins Technology Industry Generative AI Machine Learning feature Top 15 data management platforms available today Data management platforms (DMPs) help organizations collect and manage data from a wide array of sources — and are becoming increasingly important for customer-centric sales and marketing campaigns. By Peter Wayner Sep 22, 2023 10 mins Marketing Software Data Management opinion Four questions for a casino InfoSec director By Beth Kormanik Sep 21, 2023 3 mins Media and Entertainment Industry Events Security Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe