Today, Sageworks, a financial information company that provides lending, credit risk and portfolio risk solutions to banks and credit unions, announced its partnership with Crews Banking Corporation, a Florida-based bank holding company, to provide an online loan application that turns their institutions’ websites into digital branches, allowing commercial borrowers to complete applications online.
As of this week, Wauchula State Bank, Englewood Bank & Trust and First State Bank of Arcadia, all owned by Crews Banking Corporation, have implemented the Online Commercial Loan Application by Sageworks. Charlotte State Bank & Trust will implement the online service in the near future.
In today’s technology-centric business environment, business owners are increasingly looking for quicker options for finding and applying for commercial loans and increasingly doing so online. In 2014, the average business owner spent 37 hours seeking a business loan, including 11 hours spent on the application process alone, according to a survey of 286 small business owners. At the same time, in the period from 2010 to 2014, the country’s largest online lenders saw a 629.5 percent increase in small business lending transactions, further evidence that business owners are looking online for their financing needs. The most tech-savvy and customer-centric banks are now providing online options for their commercial and small business clients.
The Sageworks Online Commercial Loan Application integrates a commercial loan application into a bank or credit union’s website, opening an online channel for driving new-loan applications and reducing loan origination costs for the institution.
While the missions of Wauchula State Bank, Englewood Bank & Trust, First State Bank of Arcadia and Charlotte State Bank & Trust vary, they have one thing in common: They seek to make banking easy for the people in their local communities. The implementation of the Online Commercial Loan Application by Sageworks allows the banks to provide a new and flexible option to their borrowers. “The feature will allow candidates who are requesting a commercial loan to have the ability to apply online and submit it for feedback – making the process quicker and available at any time,” said Kerry Meeker, Senior Vice President & Credit Administrator of Wauchula State Bank.
Document collection is often a bottleneck in the commercial loan application process. With Sageworks’ online lending platform, the turnaround time on loans significantly decreases due to the platform’s electronic tax return-reading technology.
“We are proud to partner with these four banks and provide convenience to their customers through the Online Commercial Loan Application,” said Sageworks Chief Executive Officer Scott Ogle. "We also admire their vision to serve their customers in new, innovative ways. The goal is for both the lender and borrower to see faster response times with greater accuracy in the loan application process.”