nCINO Automates SBA Application Management

By Charles H. Green

In my forthcoming book, Banker’s Guide to New Small Business Finance (August, 2014), I point out that the technology to count, track, protect, disburse, report and manage bank cash has revolutionized banking in the last 30 years. But at the same time, little if anything has been done in the area of distributing capital through bank loans beyond Excel spreadsheets.

Further in the book, I describe a number of ways this axiom is rapidly changing in real nCINOtime, and one of those ways is by a company named nCINO.

SBA loans are arguably some of the most difficult to underwrite due to the cost of labor in the face of a string of extra details required for SBA program requirements and securitization. At the same time, lenders are constantly having to make procedural adjustments due to SBA rule changes that occur from time to time.

nCINO’s SBA 360 is a tool that facilitates application submission electronically and automates all information gathering, authorizations and approvals through to funding. It interfaces with the SBA electronic processing system and the backend duties to eliminate the requirement to re-key information into the agency’s site and expedites the transfer of information.

This column has been advocating for SBA lenders to aggressively look at technology as a vital tool for long term growth and economic viability. To be fair there have been earlier software products to facilitate SBA lending, like T-Soft FormMaster and PFCS Solutions, which kept most volume loan producers from being swallowed in a sea of paper

At the same time, this new product is perhaps the first scalable tool offered to manage the entire process, with options to allow work to be shared by among all the many hands that going into creating an SBA loan.

Check it out.

Read more at CUlnsight.com. 

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