Federal Reserve Bank of Kansas City’s Post

📊 The Top 5 lenders (ranked by cumulative jobs supported from 2013-2023) supported more than 1 million jobs through their lending initiatives and SBA programs from 2010-2023. The Top 30 during that period are below. #smallbusinesslending #banking #finance

The risk of winning is...hold that thought. Instead, think about how much easier Lumos Business Report is going to make your small business lending efforts. Get ready to win. The biggest risk is a better process for the early stages of your small business lending workflow and loads of appreciation with a little admiration thrown in there. That actually sounds more like rewards.... #smallbusinesslending #finance #banking

Recent changes to business lending rules have caused credit unions to think about growing their commercial loan portfolios. Check out this article for more details and tips on how to get started >> https://bit.ly/47lIAUa #commerciallending #creditunions #lending #banking

Choose interest-bearing checking accounts for your business to earn interest on idle funds while maintaining easy access to cash for day-to-day operations, maximizing returns on your deposits. #Business #Finance #Banking

Changes to business lending rules have caused credit unions to think about growing their commercial loan portfolios. Check out this article for tips on how to get started >> https://bit.ly/3TBs9Qt #commerciallending #creditunions #lending #banking

Some concrete pieces of advice that any business owner can follow to set and achieve their business goals. #smallbusiness #business #commercialbanking #westfieldbank #banking #finance #communitybanking

Regularly monitor your business credit score to track creditworthiness and address any issues that may impact banking terms, such as late payments or high credit utilization rates. #Business #Finance #Banking

Regularly review your business credit reports to identify any errors or discrepancies that could affect your banking terms and work to correct them promptly to maintain a favorable credit profile. #Business #Finance #Banking

Great post by Brett Caines that supports my opinion of the digital needs of borrowers, with a personal touch! SBA is notoriously a labor intensive process with a tremendous number of “why do I have to do this?” questions being asked throughout. FAQs and “info bubbles” sometimes just can’t provide the hand that’s needed to get them through it. Nevertheless, the transformation to our lending process industry wide will cater to these needs as we search for ways to make the pain of SBA loan applications a little less brutal. What are you seeing at your institution?

My take away: Reducing the friction in the lending process (from origination to closing) is what speed means. Lumos Data gives you incredible insight to a borrower that you do not have today. Combining that with an LOS leads to a powerful way to reduce friction in underwriting. Question to ponder: ➡ What are you doing to reduce the friction for your borrower and your underwriting and operations team? 🤔 Love to discuss how you are reducing friction and comparing notes! #loanorigination #LOS #banks #communitybanks #creditunions