Small businesses start with an innovative idea that gets put into action. However, the action process requires money, typically in the form of a loan, so a business can lift itself off the ground and soon become self-sufficient. Brokers and lenders work with small businesses to help them jumpstart their services. There are many software products to help with small business lending. Alternative lending products are among them.
Reasons for Business Lending Software
Brokers and lenders can use business lending software to ease the lending process with small businesses. Lending software can streamline the lending cycle from loan origination to collection. The software automates processes, such as interest rate calculations, loan performance tracking, payment schedules, and default and delinquency management.
Business lending software is centralized, meaning all loan information is in one location. Financial data is more accurate than conventional paper means. Lending software improves origination efficiency because the loan origination system is more accurate, and efforts are reduced.
It reduces operational costs for brokers and lenders over time. Brokers and lenders can quickly see and analyze their customers’ needs to reach out to the customers if necessary. Two such useful software tools are Cloudsquare Broker and Cloudsquare Lend apps.
A Software Package for Brokers
Cloudsquare Broker is a software application that utilizes merchant cash advance (MCA) as a payment method from a small business to a broker. This MCA software helps brokers in small business lending to track data by centralizing data. As a loan origination system, it manages the life cycle of a loan, including new leads and deal renewals.
Brokers can use Cloudsquare Broker’s advanced technology to automate their workflows with API integrations, renewal forecasting, and filter-enabled submission channels. The Salesforce application stores all lending contacts, funding partners, and ISOs and lets brokers track lending offers and terms in one spot.
Cloudsquare Broker features a highly customizable interface for brokers compared to other MCA software. The software lets brokers configure the system through a series of clicks without the hassle of APEX or coding knowledge.
The software is scalable for brokers as it can integrate 3rd party apps and connect to a broker’s marketing platform. It is a turnkey platform that is ready for brokers to use to be on Salesforce in a matter of weeks, as opposed to other LOS options that require developmental time and knowledge. Industry veterans built Cloudsquare Broker’s interface and functionality so that virtually any broker, regardless of experience, can use the platform with minimal training.
A Software Application for Lenders
Cloudsquare Lend is a flexible loan management system for alternative business lenders. This Salesforce loan origination system is automated on both ends of the spectrum and consolidates all loan processes into one system. Lenders can automate and be more efficient with their funding process with the LOS. Funding, disbursements, fee collections, payment schedule, and same-day ACH processing are part of the LOS’s loan servicing processes.
Lenders can fully customize the LOS to tailor to their needs with only clicks. In contrast to other LOSs, Cloudsquare Lend does not require any coding knowledge. Lenders are entirely in control of changes made to the system.
The software is scalable in that lenders can utilize an array of tools and pre-built apps to streamline more of their processes. It offers detailed syndicator reports, syndication fees, and automated syndicator remittances.
Conclusion
Business lending software can streamline the loan origination process for brokers, lenders, and small businesses. A LOS can reduce costs, centralize loan data, and efficiently automate loan cycle processes.