Platform Benefits

Everything you need to optimize the loan origination process.

Automated Document Generation

SPARK can generate SBA forms with the click of a button. Information is pulled directly from the SPARK platform into the forms, preventing any re-keying of information already contained in SPARK.

Intelligent Document Checklists

As the loan file grows, so do SPARK document checklists. We use built-in logic to track characteristics of the loan file and produce a document checklist based on these characteristics. That's why SPARK can automatically create a checklist item for Articles of Organization if the business is listed as an LLC.

Customer-Facing Information Requests

Reach borrowers directly and have them complete their full loan applications through our convenient information requests. SPARK allows lenders to request tax forms, business plans, contact information, and personal / business finances in a single request!

No IT investment required

Unlike other cloud-based lending platforms, SPARK does not require any additional IT investment to implement the platform. SPARK support releases software updates automatically every 8 weeks and is available to answer any technical questions regarding the platform.

Shorter time-to-value

SPARK has over 20 clients currently using the cloud-based lending platform. In 2015, SPARK client Entrepreneur Fund went from $0.5 Million in volume to more than $13.5 Million in volume in 2016. Additionally, during that time, Entrepreneur Fund decreased their origination time by 35%.

Eliminate Duplicative Systems

Rather than having to type up Credit Summaries in Word, complete financial spreads in Excel, and organize your documents using a shared drive, you can do all those things (and more) using SPARK. Maintaining a wide variety of technology systems can be expensive, but with SPARK, you get the functionality of these other tools in addition to platform that keeps all of this information in one place.

Engage Customers Online

If you have an internet connection, then you can use this platform! SPARK is available anywhere, on any device, as long as the user is connected to the internet, thus eliminating barriers between the lender and the borrower.

Automation of Repetitive Tasks

Never enter a business name twice! SPARK saves names, addresses, and loan product characteristics that are re-used across the SPARK platform, eliminating manual and duplicate entry as the loan application progresses through the origination process.

Consistent Process Execution

Using SPARK, you can ensure that the lending process is executed the same way each and every time. SPARK mirrors the linear flow of the lending process and through the configurable navigation, it also enforces your organization's specific lending practices. Users can't skip any steps here, SPARK will be there to catch those mistakes before moving forward.

Create Configurable Navigation

Each SPARK platform comes with configurable navigation options for lenders and LSPs to determine what setup works best for their organization. If you like our standard navigation, you can certainly keep it! However, if you would like to update the naming conventions or rearrange sections, we can easily support this functionality with our administrative configuration options.

Mobile Responsive Interface

Need to review a Credit Memo from your tablet? No problem; SPARK has a responsive design which allows users to access the platform from a desktop to a tablet or phone.

Increased Transparency

Applicants and lenders can work on their loan application in real time with the SPARK platform. Documents and information uploaded by the applicant are immediately available on the lender platform for review. This allows both lender and borrower to see exactly where the loan is in the origination process at all times.

Faster Decision Times

Since 2016, SPARK customers have seen the median time it takes to originate a loan drop by more than 30%. This means more time to build the client relationships, grow the pipeline, and help more borrowers get access to financing.

Cloud-Based access from any device

There are times where you're on the go and need to check the status of a loan file. With SPARK, you can easily do this using our responsive interface. Whether you're on your phone, tablet, or laptop, you will be able to utilize all of SPARK's features and functionality to get more deals done more efficiently.

Information Transfer / Validation

Ever heard the expression "garbage in, garbage out?" SPARK has a way to combat this during loan origination using requirements and validation. Information that is crucial for the lender to have during origination can be required in SPARK, ensuring that the borrower provides contact information, financials, and credit check authorization to move the deal forward. SPARK also limits the types of documents that can be uploaded to the system, ensuring that corrupt files don't become part of the loan file.

Real-Time Information Capture

SPARK can quickly become the single source of truth for information for the loan origination process. All of the forms, files, finances are contained within SPARK and can be referenced by anyone in the organization at any point during the lending process. No more asking for updates on a particular deal, you will be able to see the updates for yourself through SPARK.

Defined Hand-offs for each process stage

SPARK also has a series of checkpoints where the sales team hand-offs to the credit team and on down the line. At each of these checkpoints, the team receiving the loan file can review it for completeness and send it back to the previous stage if there is any information missing. All of these reviews can be very helpful in catching mistakes that could be costly during an audit.

SPARK for Banks

Collaborative. Consultative. Effective. For banks seeking a scalable and dependable loan origination platform, SPARK brings everyone together to execute the process.

Frequently Asked Questions

What does “end-to-end" mean?

When we say that SPARK is an “end-to-end” cloud-based lending software, we mean SPARK takes you through the entire loan origination process using one program.

  • Leads: Starting with the sales process, we integrate web leads on the platform and then turn those leads into an application.
  • Intake: The business development officer gathers more information from the applicant and sends the completed application to underwriting.
  • Underwriting: Once the underwriters review the information complied by the sales team, they complete a financial analysis and present the loan application to an approval committee. Should the approval committee (or board) approve the loan, it seamlessly moves into the packaging stage.
  • Packaging / Closing: In packaging, packagers collect any and all additional documents needed to finalize the deal. For SBA deals, the loan application is sent directly to E-Tran through SPARK. 
  • Funding:  Finally, the closers and finance teams set up disbursements for the borrower.
  • Funded:Once all loan proceeds are disbursed, the funded loan is available for reporting purposes.

All of these steps are done on one shared platform. This is beneficial because it allows for complete transparency at each stage for lenders and applicants.

How do borrowers interact with the platform?

Built into SPARK is a “borrower portal” where applicants / borrowers upload files, complete personal financial statements, and request disbursements. Each user gets a separate login to ensure that information entered is secured and confidential. Lenders are notified when borrowers enter information and can access this information borrowers enter at any time. 

Who benefits from using SPARK?

Any small business, commercial, or SBA lender that wants to help make loan origination simplified. SPARK currently has clients spanning from a $4 Billion bank to a CDFI Microlender. SPARK is also a great fit for Lender Service Providers (LSPs) as the platform was originally designed for SBA 7(a) lending and fully supports the SBA lending process.

What makes SPARK different than other loan origination software platforms?
Collaboration. As and end-to-end cloud-based lending software, it allows lenders, applicants, and referral partners to collaborate on one site rather than pulling in information from multiple programs and sources. This streamline approach saves time for your organization, which may ultimately reduce loan origination times by using this software platform.

Automation. SPARK uses built-in logic to help create a loan package automatically based on the package characteristics. If your borrower is a Limited Liability Company (LLC), SPARK knows you'll need an Article of Organization for that particular loan. This logic helps make loan origination simplified.

Growth. SPARK's visibility enables managers to view loan packages at every step of the process and see what might be slowing down the loan origination process. Managers can also view trends month over month to identify areas of inefficiency, which can then be more easily addressed.

Do I need to have dedicated IT department to support SPARK?

No! You do not need to have a dedicated IT staff person to support the SPARK platform. SPARK has a dedicated support line that is staffed Monday - Friday from 8 AM - 4 PM CST. Additionally, each client has a dedicated customer success manager who is available to address any strategy questions associated with the SPARK platform.

Can SPARK connect with other systems?

Yes! SPARK has built-in integrations with DocuSign, FICO Liquid Credit, Laser Pro, TEA, and NLS. SPARK also supports API integrations that allow SPARK to communicate with third parties.

Is SPARK secure?
Yes! SPARK is a SOC® II compliant cloud-based platform that relies upon secure encryption technologies to maintain privacy of information throughout the origination process
Does SPARK have built-in servicing?

No. SPARK can address and solve most origination needs from inquiry to funding. For those problems we can't solve directly (such as servicing), we have options.