Certified Development Companies (CDCs) operating in the SBA 504 space know all too well how technology and the lack of technology can affect business. Government-backed lenders, banks and credit unions, independent lenders, crowdfunding and fintechs all have access to different types of technology to aid their processes. It is important to note that the relative cost of borrowing is proportional to the amount of technology involved and is inversely related to the speed of delivery of the funds.
THE SPEED FINTECH OFFERS CAN COME WITH A PRICE
Fintech lenders are known for using technology as the foundation of their process and to make it simple, quick and easy. Oftentimes, applicants can breeze right through the application and know immediately the amount they are qualified for and when they will receive the funds. But this speed can come with a price. There are players in the fintech space that take advantage of the immediate needs of borrowers. They charge high fees and have excessive interest rates. At the same time, they have big marketing budgets and are experts in search engine optimization. Many of these things are out of reach or totally unknown to CDCs.
FINTECH STYLE TECHNOLOGY IN AN AFFORDABLE PACKAGE
CDCs and other more traditional lenders often help borrowers get out from under high-cost loans. Wouldn’t it be great if borrowers didn’t get wrapped up in these loans to begin with? What if community lenders had access to the same technology that fintech lenders use?
The Ventures Lending Technologies team is excited to be working on Apply+, our latest software module that will help CDCs and other community lenders streamline their end to end process by enabling fintech style technology in an affordable package.
STREAMLINE YOUR PROCESS WITH APPLY+
Ventures Lending Technologies is constantly evolving to meet the needs of lenders. Apply+ is a game-changing module for lenders. Here are the top features:
Integrated Online Application
Direct potential borrowers to an online application that, in addition to obtaining a credit score, can run CAIVRS and SAM.gov checks and verify assets, employment, identity, screen bank statements and collect electronic signatures on all required documents.
Aggregate online application data against your own qualification guidelines to produce a configurable ranked score to identify your buyers with the best potential of getting through the complicated 504 process.
Multiple Loan Programs
Do you make loans that are not part of the SBA 504 program? Your application intake system can be configured to tell you which loan program makes the most sense for that applicant.
Streamline Data Entry
The system will allow your team to set up loans directly in Ventures+ on-demand. You will be able to minimize the challenges of what has been known as an error-prone process when done manually. By enabling the applicant to do the data entry, our loan officers can spend more time dedicated to the service that the CDC industry is known for. They can be more hands-on with the same number of applicants or they can have more free time to work with more potential borrowers.
APPLY+ LAUNCHES IN Q4 2020
We are launching a basic beta version of Apply+ in Q4, 2020. We are working hard to continue to elevate the module functionality. The team is adding all the new Ventures+ features you need to compete with all other lending channels, including in the fintech arena.
Additional features in development include direct banker application referrals, two way unified communication with applicants, checklist-style task lists for borrowers and loan officers, and more.
READY TO LEARN MORE ABOUT APPLY+?
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