Frequently Asked Questions
What is SPARK?
SPARK is a cloud-based loan origination software platform designed primarily for small business lenders. It is a fully integrated system providing an end-to-end platform that lenders and applicants can access anytime, anywhere! The types of products that SPARK supports include SBA 7(a) loans, SBA 7(a) Community Advantage loans, Commercial Business loans, and Small Business loans.
What does "end-to-end" mean?
When we say that SPARK is an “end-to-end” cloud-based lending software, we mean that SPARK takes you through the entire loan origination process using one program! Starting with the sales process, we integrate web leads on the platform, turn those leads into an application, and send the application to underwriting. Once the underwriters review the information complied by the sales team, they complete a financial anlysis and present the loan application to an approval committee. Should the approval committe (or board) approve the loan, it seamlessly moves into the packaging stage. There, packagers and closers collect any and all additional documents needed to finalize the deal and set up disbursements for the borrower. 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 allows for complete transparency at each stage of the lending process, which is beneficial to 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?
SPARK is primarily built for CDFIs, Lending Service Providers (LSPs), and banks who focus on SBA 7(a) lending. Our typical SPARK client services over 20 loans per year, has a loan volume of greater than $5 million per year, and has a technology budget identified. If your organization fits this profile and needs a lending software solution, please reach out to us today!
What makes SPARK different than other loan origination software platforms?
Customization! Our cloud-based loan origination software is configurable to help meet your organizations and clients’ needs. Each SPARK page is branded for your organization creating a familiar look and feel for both the lender and the applicant.
Personalization! Each new SPARK client receives a personal onboarding expert
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.
SPARK sounds great, where do I get more information?
There are multiple ways to learn more about SPARK cloud-based lending software! You can reach out for a demonstration, by filling out the information on the demo page. Additionally, you can reach out via the Contact Us page to tell us more about your organization, its needs, and how SPARK can best address these needs.
Current SPARK Clients
Need help with a certain feature or function of SPARK? Reach out to the support team for assistance!