Our SBA Lending Solution covers the complete life cycle of SBA loans right from submission, qualification, and approval to funding. We provide the service on premise as well as on cloud. This ensures faster deployment and lower infrastructural cost.
Cloud deployment of our solution ensures faster deployment, lower infrastructural cost and faster ROI as well. It shortens turnaround time, offers a paperless workflow and First-Time-Right processing, thereby reducing overall costs. Further, rules and credit policies as part of its rules engine ensure compliance. Our solution is built on a flexible BPM layer, which helps you keep your business future ready.
Brochure: Newgen's Solution for Small Business Administration (SBA) Loan Automation
Streamline Small Business Administration Lending from end-to-end in a workflow driven paperless environment
SBA Application Submission
Newgen solution provides multiple channels for the applicants to initiate the SBA related queries or the actual loan applications. Apart from branch walk-in, the solution provides online web portal application where applicants can submit basic details to check their eligibility for SBA loans and if successful, proceed with the loan application.
Newgen solution comes with embedded rules as per the SBA loan program eligibility rules. Based on Industry Type, Employee Size, Gross receipts, Tangible Net worth or Net Income, banks can quickly check the eligibility of the applicants
Newgen solution ensures that applicants have a complete list of the documents to be collected such as income tax returns, background statements, projected business financials, business licenses and other documents. The provision for deferred documents sends automated alerts to the applicants and concerned users
As part of the Bank’s internal credit analysis approach, the solution can automate the same using the applicant’s financial information. This includes generating financial ratios based on parameters like liquidity, profitability and creditworthiness of applicant
Apart from the eligibility for Small Business, SBA also clearly states the rules for maximum Loan Amounts, Maximum Fees, Acceptable spreads, Loan proceeds etc. Newgen solution transforms all these rules into the Rules Engine and allows banks to not only structure the loan automatically but also approve the SBA loans
- Unified loans processing with elimination of redundant data entry, unification of information across different systems and duplicity of data
- Reduced turnaround time through auto-decisioning of SBA loans based on bank rules
- Reduced costs with reduction of overall costs including direct costs related to employee productivity, paper handling costs, manual handoffs etc.
- Enhanced regulatory compliance with in-built rules and credit policies as part of its rules engine to ensure compliance with all the standards
- Mitigation of the need for coding related time and cost burdens with an agile and configurable product
- Ease of making changes without any vendor intervention with comprehensive configurability