BONUS Tip this Week
Keep Your Eyes Open and Your Ear to the Ground!
Times are changing with our industry due not only to the economy strain, but also due to the redirection of the Agency (centralization in every area, encouragement to lenders to take on more responsibility, and emergence of new pilot programs that continue to keep everyone on their toes). I am sure most of you have heard the old sayings, "You better keep your eyes open" or "I am keeping my ear to the ground". Those sayings fit right into what we are experiencing too, as we all continually reposition ourselves in our approaches and strategies to be the best at what we do in this chosen field.
Well, with that said, we know it can be difficult at times, simply keeping up with the evolution and changes in our industry as they come upon you and your organization. We take pride knowing that we are good listeners to our clients and to those in our industry who communicate to us what their frustrations are and what is on their wish list. We not only listen, but we try to put together solutions when we can. Sometimes those solutions are very customized to individual clients and sometimes those solutions are more global in nature to try to address the needs of many.
What are some of your frustrations? What would you put on your wish list? Would some of these common themes crop up on your list?
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I wish the SBA regulations were easier to access and to
understand.
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I wish we had the resources to make eligibility determinations easier and more consistently.
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I wish the hand off between loan processes was more efficient so that the turnaround time from loan approval to funding was as fast as possible and still prudent.
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I wish the SBA loan approval process (and documentation
requirements) were straight forward and as "easy as pushing a button" (no matter what loan program we decide to use).
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I wish the redundancy and bureaucracy of completing SBA forms and adhering to government regulations was virtually eliminated.
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I wish once the SBA loan information was in our system that it would translate to all aspects of the loan making and servicing (from internal loan approval to SBA loan approval to portfolio management to getting the guaranty paid), so that much of the required documentation was automated and keystrokes were minimized.
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I wish we could easily train our staff on SBA lending. A manual and a simplified process would be nice.
These are just a few examples of the many conversations we have been having with many of you out there struggling to figure out the best approach to bringing efficiency and ease to a government assisted lending program. What would you think if we told you that a SOLUTION was coming very soon?
We are about to launch a brand new SERVICE that will accommodate any size lending institution, certified development company or credit union in the business of making and servicing SBA loans. Keep your eyes open and your ear to the ground because sbaOpen is just about here!
Look for Brian Burke at the NADCO conference this week....and ask him what is going on! Come by our exhibit booth at the NAGGL conference next week where Karen, Brian and our new sbaOpen partner, Stephen Ladek, will be to introduce you to our brand new approach to helping those looking for some concrete answers to these type of frustrations. Watch for more news on this over the next several weeks....this is just a "hint" of more to come.
Take the Right Approach.
Karen McHugh and Brian Burke
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