Many community banks process small and large credit requests in exactly the same way. LendingFront helps you separate small credit requests from the traditional commercial lending process. That means it’s easy for small business customers to start and submit their applications online. In fact, you can digitally enable the entire small business lending process including offer presentation, digital contracts, loan servicing, and more.
The traditional process for handling small credit requests is slow, time-consuming, and banker-driven. That makes it expensive, and it’s the #1 reason why SMB lending is unprofitable for many community banks. LendingFront helps you maximize your profits on every single small business loan. Eliminate manual processes that extend time and reduce efficiency. Whether it’s document collection, status updates, or anything in between, LendingFront’s sophisticated workflow management capabilities make it easy to deliver a streamlined borrowing experience for time-pressed business owners.
Unlike other lending solutions, we built ours to work the way you wanted it. From the application experience, required information, underwriting criteria, and more--LendingFront supports a 100% lender-defined process with no compromises around control or transparency. You’ll have access to a comprehensive activity audit of every action taken on each application—along with the ability to view your entire loan portfolio by Stage, Sales Rep, or ISO. A series of APIs also make it easy for you to build on top of LendingFront’s core operating system.
The traditional underwriting criteria—things like credit scores and last year’s tax returns—are lagging indicators of a business’ creditworthiness. With LendingFront, it’s easy to layer in additional data that reveal how a business is performing right now, such as real-time cash flow data. The result isn’t just faster, more efficient lending decisions, but smarter decisions as well.
LendingFront is the world’s only end-to-end business lending solution for community banks. Applicants easily self-serve, handling everything from document collection, offer selection, e-contracts, and more. With 24/7 availability, small business borrowers get the speed and convenience they need, while lenders extend capital more efficiently and see their money go further.
LendingFront’s secure Customer Portal is your borrowers’ “one stop shop” for managing everything related to their loan, including submitting their application, uploading documents, reviewing loan offers, signing contracts, and more.
Bank-defined underwriting rules make it easy to approve or reject applications based on your specific credit policy. You can also route applications for manual review or request additional information from the applicant. Our open and extensible architecture enables you to make credit decisions using any available data source and to understand how a business is performing in near real-time.
A great business lending program falls short if it doesn’t bring new customers to your bank. LendingFront makes it easy to identify potential business customers in your geographic footprint and to send pre-approval loan offers based on your credit policy as well as publicly available data. LendingFront even enables businesses who accept a loan offer to open a deposit account as well.
Examine your entire business lending portfolio in real time. See which loans are close to being paid back in full to determine if a second loan is needed (and likely to be accepted). Evaluate performance by business type, loan type, branch, and other dimensions to maintain a close thumbprint on the size and health of your program.
One LendingFront customer consolidated seven legacy systems into one.
Contact us to talk about taking your bank’s business lending program to the next level. We’ll help you set up a game plan to achieve the efficiency your borrowers want--and the scale your business needs.