Overview
Grow America is a national small business (SBA 7a) lending program designed to catalyze job creation in underserved communities. With Preferred Lender status granted by the Small Business Administration, they have provided loans to 710+ small businesses nationwide.
Challenge
Grow America knows a thing or two about purpose-driven business. Since 1969, the company’s mission has been to “direct capital to support the development and preservation of affordable housing, create jobs through small business lending, advance livable communities with social infrastructure investment, and build capacity with hands-on technical assistance to local governments.”
Specifically, Grow America helps small businesses catalyze job creation in underserved communities. However, the company previously had trouble maintaining consistent processes, leading to delays in loan origination.
Specifically, Grow America helps small businesses catalyze job creation in underserved communities. However, the company previously had trouble maintaining consistent processes, leading to delays in loan origination.
SPARK Solution
With SPARK, Grow America has been able to standardize its processes, automate recurring tasks, and focus more on building customer relationships. Since moving to the SPARK platform, Grow America has deployed more than $320 million in capital. More efficient lending processes also set Grow America up for success when COVID-19 hit, allowing the organization to stay nimble in responding to small business owners in need. Together with SPARK, Grow America has pioneered several COVID-specific recovery based products, including those in PPP. In fact, Grow America has largely pivoted its focus to relief work since the start of the pandemic. Apart from the stability of the platform, Grow America appreciates the user-friendly interface and adaptability to different products, as well as our Customer Success Team’s deep knowledge and lightning fast response times.
SPARK never once crashed through all the PPP lending we did. It didn’t even come close. . . . When I think about what they did, to me, it’s almost jaw-dropping.
Chief Credit Officer of Grow America
Results
SPARK has made it easy for Grow America to not only respond quickly in a time of need, but manage a growing team and rapidly changing process.
