Affordable SME and Consumer Credit Products Offered Fully Digitally by a Community-Focused Lender

Overview

The U.S. Black Chambers is one of many non-profits and community-development financial institutions using TurnKey Lender to help their communities. Affectionately known as the “National Voice of Black Businesses”, The U.S. Black Chambers, Inc. (USBC) provides committed, visionary leadership, and advocacy in the realization of economic empowerment. Through the creation of tech-enabled credit products and initiatives, USBC supports a network of African American Chambers of Commerce and business organizations in their work of developing and growing Black enterprises.

Challenge

The U.S. Black Chambers has been in business for over 12 years with the goal and the mission of being able to help Black businesses succeed and for them to really bring economic vitality into our communities.  To be effective in the digital-first economy, USBC needed a flexible and powerful lending platform capable of handling all with a high degree of intelligent automation and low overhead. 

The reasons why The U.S. Black Chambers chose TurnKey Lender after careful consideration include: 

• It’s an end-to-end solution including application processing, borrower evaluation, credit decisioning, collateral management, loan servicing, payment collection, reporting, and more.  
• Its fraud detection and cybersecurity. TurnKey Lender is GDPR compliant by default and assists USBC with anti-money laundering and “know your customer” compliance.  
• It provides failsafe tech-to-tech integration. The list extends to payment vendors, credit bureaus, bank verification providers as well as communications and archiving providers.  
• TurnKey Lender is fully white-labeled so it matches the USBC design requirements.  
• Robust bank-grade reporting built-in - TurnKey Lender comes with powerful reporting functionality, so you always know your business ROI and can track the performance of loans and borrowers.  

With TurnKey Lender, the burden of paper goes away. For example, in underwriting we can leverage the scoring model and the system that they have in place, but also add our own tweaks to it, whether it be a particular product just testing around things in credit scoring, various sorts of identification and document review areas that we needed to go through that helps simplify the process.

Alisa Joseph

The U.S. Black Chambers Director of Programs

Solution

The USBC chose TurnKey Lender Standard platform to automate every stage of lending from origination to discharge and leverage the platform’s credit decisioning which is characterized by the flexibility needed to conduct alternative evaluations with help of proprietary machine learning and artificial intelligence. The USBC is especially enthusiastic about its ability to create and manage unique credit products across different US jurisdictions. 

• USBC’s solution operates as a true SaaS and updates to the newest versions automatically.  

• The system handles USBCs non-profit lending needs as well as commercial lending with little-to-no customization.  
• USBC accepts applications, processes them, makes decisions, collects payments and does all other lending tasks in TurnKey Lender.  
• The company’s platform is integrated with Equifax and TurnKey Lender is proud to have assisted in the process of getting a credit bureau license as well as arranging a fruitful REPAY partnership for payment collections.  
• An important feature USBC uses is the ability to distribute grants for the Black-owned businesses with TurnKey Lender’s built-in functionality.  

I really needed a full solution because we are a small team. After looking through about five different providers, I settled on TurnKey Lender.

Alisa Joseph

The U.S. Black Chambers Director of Programs