• Gavin Gleeson

Applications are Projects


We wrote previously about how CRMs should not be mistaken for effective client-facing application management platforms because they're designed to move potential and existing clients through a linear “yes/no” sales funnel.


The reality is that applications are really projects.


Project (noun) - Contemporary business and science treat a project as any undertaking, carried out individually or collaboratively and possibly involving research or design, that is carefully planned to achieve a particular aim.

The particular aim for a loan or grant application is to provide funding once the required documents are collected and approved.


Collaboration with Multiple Stakeholders


The collection of documents typically requires the eyes of several employees (ex: loan officers, loan specialists, underwriters, closing specialists, etc.) and potentially a loan committee in order to be approved and funded.


Sounds simple enough? Collect the documents, review, and respond.


Not so fast.


On the client’s side, they’ve stepped into a labyrinth with rings of fire that they must pass through on their quest to retrieve the golden chest of funds they need to grow, sustain, or recover their business. Ok, maybe that’s a little dramatic...


But, it’s no secret that applications are intimidating. This is true especially for applications that ask for financial statements, business plans, and other documents that can be confusing to complete. That’s part of the reason business owners can end up opting for the quick and convenient online loans that might have a high interest rate.


Research and Design


Planning and designing are necessary for a strong application process. Crafting the application process knowing that there are going to be different phases and stakeholders for every lender is why Lenderfit was born.


As former lenders, we were experiencing fragmented communication channels, floating checklists, and confused clients. We scrambled to put together an application process flow that was good enough to actually be educational for the client while not feeling like they were taking an online calculus course. After several (and ongoing) iterations, we’ve taken the struggles of lenders into consideration. By listening to the feedback of lenders and borrowers, we are able to fine tune the application process to relieve client frustration and make operational decisions straightforward.


2 Way Communication


Let us not forget that even in a perfectly designed process, sometimes documents that get collected are incomplete, incorrect, or just a picture of someone’s dog instead of a balance sheet (whoops!). Not to mention, clients will have questions about application requirements.


Questions are inevitable and that’s why lending officers are so valuable in the economic development space. Their knowledge and high-touch support give the help that borrowers need.


We made it so that applicants can easily ask Lending teams questions:

Hey I don’t have this document. What should I do?

-(in regards to a tax document requirement)


and Lending teams can send applicants a quick note on the corresponding requirement:

Hey looks great, but looks like your Balance Sheet didn’t quite balance. Can you take a second look for me? Give me a call if you need some help!

-(in regards to the Balance Sheet requirement)


By taking a project management approach to handling applications, our clients are processing more loans faster and improving their client’s experience. If you’d like to learn more, schedule a demo with us!

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