There was cause for optimism at the NAGGL Annual Technical Conference in Bonita Springs Fl as the SBA’s new administrator Maria Contreras-Sweet promised significant changes to improve the administration’s lending process and access to capital. According to the new administrator, technology will be the key.
“Technology can transform SBA lending, so more banks see our products as the profitable tools they are. Innovation can help ensure that you, our most active lenders, feel the benefits always outweigh the costs when making lending decisions,” said Contreras-Sweet.
Contreras-Sweet announced an SBA initiative that will be introduced next year that will significantly improve the lending process. “Early next year, we will roll out SBA One. I describe it as a lot like Turbo Tax for business lending. It will enable the agency to provide one set of forms, services, and data management to thousands of SBA lending partners. We’ll create a single portal that’s a one-stop shop for eligibility, underwriting, closing, loan modification, servicing, and purchase. SBA One will streamline and simplify our lending process. It will save you hours of processing time and thousands of dollars in processing costs on every loan,” she said.
Simplify Your SBA Due Diligence
EDR provides solutions that help SBA lenders simplify property due diligence. The EDR Lender Portal is a web-based application that streamlines workflow associated with processing SBA loans as it relates to appraisal procurement, environmental screening, flood investigations, site inspections, and monitoring. The Portal is a policy-infused application that enables you to build policy into the workflow to ensure compliance with SBA requirements.
EDR expects that its platform will make it easy for SBA lenders to upload required documentation into the SBA One system.
Go here for more information on the EDR Lender Portal.