Application provides lenders intelligent, compliant means to simplify SBA lending
WILMINGTON, NC (May 6, 2014) – nCino, Inc., the leader in secure, cloud-based operating solutions to the financial services industry, has introduced SBA 360. The standalone application provides SBA lenders a valuable tool to help simplify the processes associated with Small Business Administration loans by guiding them through credit and SBA-eligibility decisions, creating a seamless experience for both the lender and the borrower.
SBA loans are arguably some of the most difficult to underwrite due to cost and their difficulty to securitize. Plus, lenders are adjusting to significant changes in SBA processing from a ruling made effective earlier this year. nCino’s SBA 360 is compliant with the SBA’s recommendation to submit applications electronically and automates all information gathering, authorizations and approvals through to funding. It also interfaces with the SBA electronic processing system on the backend to eliminate rekeying into the government site and expedite information transfer.
Steve Smits is general manager for Live Oak Bank and the former associate administrator for the Office of Capital Access at the Small Business Administration. Actively on the National Association of Government Guaranteed Lenders’ (NAGGL) Board of Directors, Smits explained, “In my more than 20 years as a lender to the small business community, I know firsthand the challenges to adequately provide these borrowers with the financial solutions they need. nCino’s SBA 360 is advancing this process in the right direction with intuitive, automated workflows and decisioning that create a winning scenario of new efficiencies, quicker funding and heightened compliance.”
nCino’s SBA 360 allows users to organize financials, tax returns, owner data and other information needed for SBA products. The application is programmed to know all required forms for each SBA loan program and directs users to create, review, sign and upload all necessary documentation. SBA 360 has templated decisioning trees to provide guidance through various eligibility issues – from refinancing to change of ownership – and performs an automated, compliant credit underwriting analysis, complete with development of an internal credit memorandum. Within the application, proper SBA loan authorization is generated for all applications regardless of lender status or loan program, and documents are prepared for approval before data is automatically populated into the SBA’s electronic transaction system.
“nCino’s Bank Operating System is proven to ease financial institutions’ SBA loan decisions and funding, and SBA 360 is a progression of our ability to provide lenders and borrowers a tool to further manage these loans successfully,” said Karen McHugh, SBA product manager at nCino. “We are constantly assessing ways to augment our technology offering and ultimately reduce challenges or negative impact on customers’ performance. SBA 360 can equip banks and credit unions to make smarter, higher quality loan decisions and then get funds to creditworthy small businesses faster.”
Wilmington, N.C.-based nCino, Inc. is the leader in cloud-based bank operating solutions to the financial services industry. Through its flagship Bank Operating System solution, nCino leverages the power of the Salesforce Platform to provide small- to mid-sized financial institutions with superior transparency and clarity into their existing loan production pipelines, portfolios and operating efficiencies across all business lines, resulting in increased profitability, productivity gains and regulatory compliance.
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