BOSTON–(COMMERCIAL THREAD) –OutSystems announced today that the client Lucro Business Solutions, a leading credit union service organization (CUSO), deployed an app in less than a week to help small businesses apply for critical pandemic relief loans through the Check Protection Program government payroll (PPP).
Lucro executives realized shortly after the government opened calls for PPP loan applications that they would need to improve their own processes for responding to loan demand. They created an app on the OutSystems low-code development platform to resolve the issue quickly. The app, delivered in less than a week, made it easier for borrowers to complete complicated forms. It has also streamlined the P3 underwriting, maintenance and documentation services that Lucro provides to credit unions and community lenders, allowing it to compete directly with the largest lenders in the government’s lending program.
Since Lucro deployed the app, he has processed 4,000 PPP loan applications and funded $ 30 million in loans. Loans made through Lucro and its partner organizations have benefited small community businesses, providing an average loan volume of $ 60,000 to nearly 600 businesses.
“We were stalling Paycheck Protection Program loans in our conventional workflows and falling behind,” said Cori Schmidt-Zdrazil, COO at Lucro Commercial Solutions. “Creating an automated system on the fly, as the program rolled out, allowed us to keep pace and help a group of underserved customers at a time when they needed assistance. The platform also gives us the ability to compete with much larger institutions with a lot more resources. ”
Lucro developed the new app with help from a global digital solutions provider True wind, an Elite level partner of OutSystems. In less than a week, a pair of Truewind developers took charge of Lucro and delivered an extension to the Digital Business Lending Center (DBLC) that the company created for Lucro in 2019. DBLC provided lending institutions with an easily configurable turnkey online solution capable of reducing loan application time from 30 hours to 30 minutes.
The DBLC expansion allowed Lucro to create a separate and streamlined workflow for PPP applications, bypassing conventional procedures and directly meeting the requirements of the Small Business Association program itself. An online assistant guides the borrower through the loan application process, saving them time and creating a more positive user experience. Lenders also benefit from a streamlined process, allowing them to package loan documents faster and eliminate process errors quickly.
“Around the world, we see inspiring examples of technologies playing an active role in solving business problems in such a challenging environment,” said Carlos Alves, director of customer service at OutSystems. “Lucro and Truewind are to be commended for the vision they have shown in using a low-code platform to deliver a impactful business solution so quickly, when customers need it most. ”
About Lucro Commercial Solutions – Lucro Commercial Solutions (Lucro) is a service organization founded in 2003 with a desire to help credit unions and community lenders thrive by maximizing one of their most lucrative lines of business … commercial services . Lucro serves partner credit unions and community lenders across the country, ranging in size from $ 5 million to over $ 4 billion in assets with their business lending needs. Lucro is the exclusive property of Corporate One Federal Credit Union.
About OutSystems – Thousands of customers around the world trust OutSystems, the global leader in low-code application development. Engineers with an obsessive attention to detail designed every aspect of the OutSystems Platform to help organizations build professional-looking applications and transform their businesses faster. OutSystems is the only solution that combines the power of low-code development with advanced mobile capabilities, enabling visual development of entire applications that easily integrate with existing systems. Visit us at www.outsystems.com or follow us on Twitter @OutSystems or LinkedIn at https://www.linkedin.com/company/outsystems.