Applying for a business loan can be a daunting task for business owners. The mounds of paperwork and documents a financial institution must review can create lengthy bottlenecks and burdensome processes taking weeks if not months to complete. 

Lucro’s upgraded Digital Business Lending Center was designed to save your members time while making business loans more lucrative for your portfolio. Applications can be completed in less than 10 minutes and our streamlined step-by-step process ensures an easy, professional experience.

Our customizable platform includes:

  • Real-time risk rating
  • Automated document collection
  • Borrower dashboard
  • And so much more.

The application portal can also be used by branch employees to originate loans while the member is in the branch! The step-by-step process ensures an easy, professional, in-branch experience for your borrower and employee.

Now credit unions and community lenders can cost-effectively and efficiently originate small business loans and compete with large online lenders.

Grow your most lucrative business with The Digital Business Lending Center powered by Lucro Commercial Solutions. 

To learn more contact Business Lending Center Manager Heather Bosenko: heather@lucro.org or 850-701-4073

Features

  • Online borrower application  
  • Automated document collection  
  • Digital credit application file  
  • Condensed credit view
  • Pre-qualification filter
  • Expedited credit processing by Lucro

Benefits

  • Applications can be completed in under 10 minutes 
  • Increases your standing in the business lending market while simultaneously bringing transaction costs down
  • Reduces staff time and costs by 50%  
  • Built with regulations and compliance in mind
  • Online and in-branch applications available
  • Assistance from Lucro with the loan-review process

How it Works

The Digital Business Lending Center quickly screens each borrower automatically before processing a full loan application. Based on customized credit metrics (loan amount, collateral, time in business and credit score) the application is routed to a score only or score plus financials workflow. Then, digital banking and financial records are gathered from secure electronic sources. Lucro will receive a consolidated application file that includes all the supporting documentation and will produce an expedited credit memo to your credit policy.

Options

Lucro partners will receive one of two credit packages based on borrower qualification/scoring of the loan:

  • Credit memo only (no financials provided): The familiar Lucro format, which includes loan and collateral details and a risk rating, as well as a Lucro summary and recommendation.
  • Credit memo with cash flow (financials provided): In addition to the credit memo, the credit union will also be offered a Lucro-prepared, abbreviated cash flow on the borrower.

Learn More

A demo video and due diligence documents are available in eVault for partners. To learn more contact Business Lending Center Manager Heather Bosenko: heather@lucro.org or 850-701-4073