SPARK: Modernizing Complex and Outdated Lending Processes

SPARK manages all loan origination banking processes starting from the initial inquiry that a customer does on the bank’s website to leading them to a secure portal for data and document collection. It then facilitates decision-making related to underwriting and credit, including credit polls, credit models, and analysis for both internal and external credits. Beneficially, the SPARK platform maps out all the data and analysis onto the proper forms that a bank needs to effectively make decisions and produce a loan. SPARK then provides all these critical documents through a customer portal where the whole process is digitized end-to-end, including DocuSign for digital signatures. Also, through a self-service borrower portal, the platform allows end-users to gain complete insight into the status of their transaction. “We deliver complete transparency to help consumers understand the lending process,” says Elders. Not stopping there, using client feedback, the company continuously updates the software every eight weeks to further enhance the user experience. “Being on the forefront of the latest loan origination technology, we are helping clients surpass their competition, increase ROI, and win customer loyalty,” adds Elders.

With such a comprehensive solution, SPARK has helped several reputable clients. For example, it enabled Holtmeyer & Monson, a SBA lender service provider to community banks, to grow its business four times with modernized processes. Similarly, the company has allowed The Bancorp, a full-service community bank, to modernize its processes and support fleet leasing and equipment leasing by modifying the existing functionalities.

“At SPARK, we’re not here to meet industry standards – we exist to rise above them. Moving forward, we want to continue to innovate to benefit banks and the SBA lending process. As important, we want to link together for profit and non-profits on the same technology, as we see non-profits as the solution for the 14 million under banked U.S. adults.” says Elders. “We are masquerading as a loan origination company when we are really social change agents. Our goal is to link banks and CDFIs together, thus propelling the small business community forward,” concludes Elders.