TALLAHASSEE, Fla.– the Digital Business Lending Center (DBLC) from Lucro Commercial Solutions—a wholly owned CUSO of Corporate One—is reporting it worked with its partner credit unions and was able to modify existing technology so as to accept, process, and service more than 7,000 Paycheck Protection Program applications totaling more than $113 million in funding for small businesses across the country.
The CUSO noted 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.”
According to the company, Lucro’s Digital Business Lending Center is a turnkey 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 said it also provides real-time credit memos so lenders can turn around fast decisions to borrowers. The customizable platform further includes real-time risk rating, automated document collection, and a lender dashboard, the company added.
MBFS Processes $147M in PPP Loans
Member Business Financial Services, a Trevose, Penn.-based CUSO, said it has now exceeded $1 billion in servicing agents and further helped partner credit unions fund 2,700 Paycheck Protection Program (PPP) loans for a total of $147 million.