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.
Rely on Intelligent Document Checklists
As the loan file grows, so do your SPARK document checklists. We use built-in logic to track the characteristics of the loan file and produce a document checklist based on these attributes. That’s why SPARK can automatically create a checklist item for Articles of Organization if the business is listed as an LLC.
Request Information Directly from Customers
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.
Bypass IT investment
Unlike other cloud-based lending platforms, SPARK doesn’t require any additional IT investment to implement the platform. SPARK support automatically releases software updates every eight weeks and is available to answer any technical questions regarding the platform.
Achieve 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
Instead of typing up credit summaries in Word, completing financial spreads in Excel, and organizing your documents in a shared drive, consolidate it all through 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 a platform that keeps your information in one place.
Engage Customers Online
Have an internet connection? Then, you’re good to go. SPARK is available anywhere, on any device as long as you’re connected to the internet, eliminating barriers between you and the borrower to move forward.
Automate Repetitive Tasks
Never enter a business name twice. SPARK saves names, addresses, and loan product characteristics that are reused across the SPARK platform, eliminating manual and duplicate entry as the loan application progresses through the origination process.
Standardize Process Execution
Ensure that the lending process is executed the same way each and every time. SPARK mirrors the linear flow of the lending process and enforces your organization’s specific lending practices through the configurable navigation. Users can’t skip steps — SPARK will be there to catch any mistakes before moving forward.
Create Configurable Navigation
SPARK comes with configurable navigation options for lenders and LSPs to determine what setup works best. Choose from our standard navigation or customizing to update naming conventions or section placement. We can easily support this functionality with our administrative configuration options.
Offer a Mobile Responsive Interface
Away from your desk? No problem. SPARK’s responsive design allows you to access the platform from a desktop, tablet, or phone — anywhere, any time.
Applicants and lenders can work on their loan applications 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.
Make Decisions Faster
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 client relationships, grow the pipeline, and help more borrowers get access to financing.
Access from Any Device Through the Cloud
Check the status of a loan file — even when you’re on the go. SPARK’s responsive interface allows you to use all of the same features and functionality whether you’re on your tablet, phone, or laptop.
Transfer / Validate Information
Capture the best, most accurate information from the start by putting checkpoints in place to require things like contact information, financials, and credit check authorization before the process moves 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.
Capture Information in Real-Time
Make SPARK the single source of truth for your loan origination process. All of the forms, files, and 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. See for yourself what updates have been made.
Defined Hand-offs for each process stage
Build-in checkpoints for the sales team to hand off information to the credit team (and beyond). 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 missing information. This ensures your team catches mistakes early in the process instead of risking a costly audit.
Download our Features Sheet
Learn all about our platform’s features and how your bank can enter a new era of loan origination.
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
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.
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.
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.
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.
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.
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.
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
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.
SPARK makes the process simple
Small business lending is complex, your lending platform doesn’t have to be.
Ready to put SPARK to work?
Take your small business lending to the next level. Find out how.