SMEs are credit hungry, and their health is improving.
It’s harder for SMEs to qualify for traditional loans compared to large corporations, and when they do get approved they’re saddled with higher interest rates. The situation is even worse when they apply for alternative financing. In a majority of countries worldwide the SME rates for both late payments and bankruptcies has declined, demonstrating the improving health of this market. SME’s are a credit hungry group, which creates substantial opportunity for non-bank lenders and alternative funders.
Diverse borrowers can be difficult to risk assess.
The SME market has a wide range of needs from hundred dollar microloans to million dollar heavy equipment lease financing. Some borrowers employ 500 skilled engineers and executives, and their credit profile looks like a big corporate enterprise. Other borrowers are sole proprietors who look and act more like a consumer than a business. Advanced business lending software with sophisticated credit profiling tools is needed to make good approval and pricing decisions for your SME portfolio.
Fintech award winning business loan software.
It’s tough for traditional banks to maintain good relationships with SMEs when they say “no” to almost 80 percent of their loan applications. Middle market companies have been hit the hardest, but small businesses are struggling as well. Consequently SME demand for capital funds has increased over the past decade, opening the door for all types of alternative lenders and financiers. Traditional banks will probably never recover these lost clients.
SME lenders must learn to leverage automated credit scoring and risk assessment technology in order to make smart approval and pricing decisions in days instead of weeks. That’s why a specialized business loan software is essential, including a small business loan software module.
Turnkey Lender delivers a state-of-the-art business lending software system. The cloud-based platform means it’s easy to deploy, and training becomes simple as your team follows the intuitive workflow. The cloud provides an environment that’s fully managed for you. Features and functionality are upgraded automatically, along with any changes to regulatory compliance rules. All with no additional programming on your part.
Turnkey Lender improves application processing with automation and a proprietary credit scoring methodology. The system generates risk-based pricing that improves the portfolio risk profile. It uses machine learning integrated with data analysis to continually fine tune the scoring system. And it’s integrated with the credit bureaus, so any change to a client’s credit score will trigger a change to their internal credit profile. All with the highest level of cyber security.
This software takes over a variety of mundane tasks for your loan managers. Their mental energies are focused on thoughtful evaluations, and the efficiencies go straight to your bottom line.
Turnkey Lender helped us with increasing efficiency of our scoring model in Jan-Feb 2016.
They provided the highest level of consulting and technical support services.
Jonathan Sarmina, Ceo Moneyveo, Mexico
Business Loan Software System – Key Business Benefits
Click on Turnkey Lender Business Lending Software for Small to Middle Enterprises to learn more about our key business benefits.