WebEquity Expands Small Business Lending Solution.

1

WebEquity Expands Small Business Lending Solution

WebEquity Solutions, a leading commercial lending software provider, today announced new functionality to help banks compete more effectively for small business loans.

Banks.

Commercial lending continues to be a bright spot for US banks in 2014; in particular small business lending represents a strong growth opportunity for many financial institutions. However, the competition for these business credits can be intense and the risk can be difficult to assess. WebEquity aggressively invests in its cloud-based lending platform, to deliver functionality which enables banks and credit unions to respond to these market dynamics.

WebEquity’s new and enhanced small business lending functionality includes: 

  • Workflow for WebEquity® Lending quickly aligns approval processes to credit policies, routing tasks for rapid turn times.
  • Ticklers for WebEquity® Lending enables efficient monitoring of credit service requirements through assigned roles and tasks.
  • Pre-scoring method leverages industry leading credit inquiries while protecting credit scores.
  • Small Business Financial Exchange (SBFE) offers access options for improved small business financial data.
  • WebEquity® SMALL BUSINESS powered by FICO® scoring model enhancements deliver scoring results directly into the WebEquity lending platform for seamless credit analysis and decisioning.
  • SBA form updates provides enhanced electronic submission to guaranteed loan programs.

“Everyone is going after small business loans. Big banks are aggressively investing in small business lending; and, the amount of non-bank lenders entering the market is on the rise. Financial institutions must have the proper tools in their arsenal to make fast and sound credit decisions, or they will not be able to win their share of this business,” said Doug McGregor, CEO of WebEquity Solutions. “We continue to deliver technology advancements that enable banks and credit unions to increase transaction throughput, resulting in profitable lending decisions.”

“Serving small business borrowers requires speed and objectivity. Using WebEquity with the FICO SBSS scoring enabled us to cut our underwriting time from two days to two hours; and, we significantly decreased early delinquencies. We are winning more business, in a much more efficient way,” James P. Gay, Chief Credit Officer of Suffolk County National Bank.

Read Next:Pipeliner CRM Announces Deeper Integration with Google Apps.

Share.

About Author

Kevin is passionate about startups and loves to write about them. Previously Kevin ran a design studio. Now he loves to write about tech and startups.

Entrepreneur Sky @Copyright 2014