Lucro supports more than $113 million in PPP funding through digital loan applications
TALLAHASSEE, FL (May 19, 2020) — The award-winning Digital Business Lending Center (DBLC) from Lucro Commercial Solutions proved to be a tremendous asset for partner credit unions during the nationwide demand for Payroll Protection Program (PPP) loans. Due to Lucro’s immediate action and corporate agility, the credit union service organization was able to work with DBLC developers to modify existing technology and provide partner credit unions with the tools needed to accept, process, and service more than 7,000 PPP applications totaling more than $113 million in funding for small businesses across the country.
PPP loans were part of the 2020 CARES Act, the federal government’s response to the nation’s COVID-19 pandemic, and allowed small- to mid-sized businesses to apply for forgivable loans from the Small Business Administration to fund payroll and other expenses to stay in business.
The DBLC’s quick, efficient, and user-friendly application won an award for “Best User Experience” in 2019 at the OutSystems NextStep Conference, one of the leading events for business innovation. Lucro’s development partner, Truewind, submitted the platform for recognition.
“During one of our nation’s toughest times, Lucro’s Digital Business Lending Center proved to be an invaluable resource that allowed credit unions to simplify a hectic and confusing process for local business owners,” said Jim Gallagher, CEO of Lucro. “We’re thrilled and honored to have been a part of saving the American dream for so many.”
“Our deepest appreciation for all you have done to help secure our organization’s future during this precarious time,” wrote one recipient of a PPP funded loan through Lucro’s DBLC. “Please know that your efforts have helped over 20,000 low-income Nevadans continue to receive the medical care and social services that they so desperately need, especially now.”
Lucro’s Digital Business Lending Center is a turn-key solution that allows businesses to apply for a loan in less than 10 minutes with a streamlined step-by-step process that simplifies and improves internal processes. Lucro also provides real-time credit memos so lenders can turnaround fast decisions to borrowers. The customizable platform further includes real-time risk rating, automated document collection, and a lender dashboard.
About Lucro Commercial Solutions
Lucro Commercial Solutions, a wholly-owned credit union service organization (CUSO) of Corporate One Credit Union, is a leading provider of commercial lending support which includes financial technology, offering intelligent tools and platforms to credit unions. With a commitment to service and innovation, Lucro empowers credit unions with user-friendly, secure, and transformative financial solutions designed to enhance cash flow management, streamline operations, and drive growth.