Local lending guru disrupts the small business loan industry
- Mark Parker
- May 5
- 4 min read
Lending expert Chris Hackney is passionate about helping small business owners receive the capital they need to thrive. However, protracted application processes can sink those already struggling to stay afloat.
Hackney helped launch Lendesca, which offers a faster, more efficient pathway to secure U.S. Small Business Administration (SBA) loans, to mitigate accessibility hurdles. A beta version of the company’s new technologically advanced platform began welcoming clients in April, ahead of a full roll-out on Monday.
Lendesca utilizes artificial intelligence-powered document analysis and automated loan-preparation tools, enabling borrowers to receive much-needed funding in hours or days rather than weeks or months, according to its website. Hackney, chief lending officer, said he jumped at the opportunity to join a “pioneering team.”
“There’s a wave of AI and automation coming, but you can’t develop that sort of technology working for a bank, for obvious reasons: Compliance protocols,” Hackney said. “You have a little bit more flexibility as a fintech (financial technology) company.”
Hackney, a St. Petersburg resident, previously served as president of BayFirst Bank’s SBA and U.S. Department of Agriculture (USDA) Lending department. He hoped to “kind of catch this AI wave” when he joined Lendesca.
The SBA lending process is “so manual,” Hackney said, “even in 2026.” He noted that borrowers and banks, some of which still rely on handwritten documents, can easily become buried in paperwork.
“We’re so far behind when you look at other banking products, too,” Hackney added. “We’re kind of the last frontier, and rather than be absorbed or cannibalized by some other company, we wanted to be the company to make the change on behalf of the industry.”
An SBA underwriter evaluates loan applications to determine a borrower’s creditworthiness and ensures that they follow the agency’s guidelines. Hackney said Lendesca’s technology completes roughly 70% of that work.
While he and his team plan to increase that number to 90%, Hackney said a human will always remain in the workflow loop. Automating more mundane processes and “not having to crunch the numbers” provides them with additional time to analyze applications - “the most important part.”
Hackney said small business owners often face enormous pressure to open quickly, either due to franchisee mandates or the need to generate revenue. He noted that some local borrowers are already paying rent on a space “that they can’t even run their business from because their financing is not in order.”
“Financing is the most important piece to getting a business open,” Hackney continued. “The longer it takes to do that, the more in jeopardy you are of opening your business. I’ve seen borrowers lose deals.”
Purchasing contracts, he explained, typically include a 60 or 90-day deadline to close the deal. Hackney said it could take a traditional bank 120 days to facilitate an SBA loan, resulting in a lost opportunity to acquire a business or location and “change the economic cycle for your family.”
He credited AI for helping his team develop Lendesca’s new platform in approximately six months. Hackney said the technology cut that time and the wait to receive SBA approval in half.
After BayFirst sold its SBA division to another institution in December, Hackney had the opportunity to join other banks. However, he found it “hard to pass up” the chance to help disrupt the industry with Lendesca.
Lendesca, as a lender service provider, efficiently originates SBA loans. The company already serves as the small-business lending division for three banks after receiving the federal government’s approval.
Hackney emphasized that Lendesca is “not just a broker,” as the platform manages “everything from start to finish for our small business borrowers.” Clients only speak with the company, not the banking partner, to avoid confusion.
Banks that want to avoid the costs associated with operating an SBA division can partner with Lendesca. Hackney added that working with multiple institutions also provides flexibility that ultimately benefits borrowers.
For example, he said BayFirst “did not prefer restaurants” as clients. Partnering with several banks - the goal is 10 - provides a wider array of options.
“I’ve seen this happen so often: They go to one bank, they get turned down, and they just stop trying,” Hackney said of small business owners. “If you come to us, we’re going to place you with one of our partner banks that is interested in doing your deal. I think this is the way that things are headed.”
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