Locality Bank, a digital-first community bank in South Florida, has selected Parlay Finance’s Loan Intelligence System (LIS) to integrate artificial intelligence (AI) into its SBA loan onboarding and intake processes, aiming to streamline lending operations and provide faster access to capital for local businesses.
SBA lending has historically been characterized by extensive paperwork, complex eligibility rules, and prolonged review periods, which can hinder small businesses from accessing crucial capital and limit lenders’ capacity. Research indicates that the intake process is a significant bottleneck in small-business credit, often necessitating manual processes due to the inherent complexity of requirements.
By adopting Parlay’s AI-powered LIS, Locality Bank intends to address these inefficiencies. The system is designed to digitize onboarding with SBA-specific intake, ensuring borrowers provide necessary information upfront. It also automates the verification of required forms and documents, identifying issues before files reach the underwriting stage, thereby delivering complete, lender-ready applications.
Corey LeBlanc, Co-Founder and COO of Locality Bank, stated, “This is about fixing what’s broken in small-business lending. With Parlay, we can move SBA loans with the same discipline we’ve always had, but at a speed that matches the market. That’s how we grow volume without losing the personal service community banks were built on.” This approach aims to accelerate underwriting, reduce administrative burdens, and expand the bank’s capacity to serve more businesses without increasing headcount.
Alex McLeod, CEO and co-founder of Parlay Finance, commented on the system’s capabilities, saying, “With AI, we can handle the complexity upfront, making loans faster to access, easier to manage, and more profitable for community banks.” He added that their collaboration with Locality Bank demonstrates how institutions can deliver SBA lending at scale.
Javier Jorge, EVP, Director of Government Guaranteed Lending at Locality Bank, emphasized the broader impact, stating, “SBA lending has been my life’s work, and I’ve seen both its promise and its pain… With Parlay, we’re tackling the parts that have slowed us down. It gives my team the chance to focus on structuring good credit and delivering more approvals, without losing the discipline these loans demand.” This initiative aligns with Locality Bank’s mission to empower local businesses and entrepreneurs by combining digital tools with community-focused service.
