“We spend too much time every year working to renew small
business loans under $50,000,” is a common lament of community banks. Renewals often require customer contact and a
visit, new paperwork and loan review and underwriting, although streamlined, it
is still time consuming. Total hours
spent by all through the bank to renew a loan: 25. For a community banks with 100 such loans,
that is a full time FTE. Large loan
relationships deserve and benefit from the time and effort, but for small business
loans under $50,000 the costs outweigh any benefits.
Cloud-based, digital automation now allows that to happen in
15 minutes with all renewal processes happening online with computers or smart
devices. The result is easier and better
for the customer, and hugely more efficient for the bank with sound
underwriting, ongoing risk-rating and monitoring of the loan and no data
security risk. For more information,
check out BusinessMinuteLender.
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