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Is it time to upgrade your business lending? Record number of small business owners flocking to online lenders

Learn more in a live webinar on November 17!

How Credit Unions are Enhancing their Small Business Lending

Hear directly from the Chief Credit Officer for UMassFive College Credit Union on how the Digital Business Lending Center helped keep UMassFive’s lending technology up to date for their membership and made the process more streamlined and cost-effective.

By Heather Bosenko, Digital Business Lending Center Manager, Lucro Commercial Solutions

The most recent small business credit survey conducted by the Federal Reserve indicates that small business owners are flocking to online lenders in record numbers. Not only has the number of online applications increased, but the overall customer satisfaction with online lenders has, as well. What does this mean? Small business owners are becoming more comfortable with online financing.

Although business loans are some of the most lucrative lines of business, many credit unions have invested heavily in supporting consumer loans. This is understandable since it’s no secret that applying for a business loan can be time-consuming for loan officers and business owners. They typically spend weeks going back and forth gathering information like:

  • Details for the initial loan application
  • Supporting documents, such as income and asset verification
  • Cash flows

It can be a heavy lift for credit unions to consider adding small business lending to their solution lineup. Or is it? By leveraging a turnkey solution like Lucro’s Digital Business Lending Center (DBLC) and our team of industry-leading experts, your credit union can help small businesses in your community reach their full potential with minimal effort. The DBLC is an online business loan application portal that creates streamlined efficiencies for your existing business services team or can provide as a substitute for a physical “lender” by relying on Lucro’s full suite of services. Partners have access to all of Lucro’s support services including underwriting, document prep, real estate services, and loan servicing.

The DBLC was designed to solve the resource, timing and staffing challenges credit unions face through centralizing the collection of all application information, including supporting documents, and assisting with real estate cash flows. Once an application is submitted the DBLC will either send your team an automatic credit memo with a risk rating for internal decisioning, or the loan will be sent to Lucro for further underwriting, all based on your preset credit criteria.

As small business owners continue to become more comfortable with online financing, Lucro can help your credit union can streamline your lending processes to maximize your impact and profitability whether you have a seasoned book of business or are looking to begin offering business loans for the first time. From underwriting to servicing, Lucro’s dedicated team of experts are available to assist every step of the way. If you’re interested in your own custom, business loan portal, visit www.Lucro.org/DBLC to learn more or contact Heather Bosenko at heather@lucro.org.