Deploying CARES funds by November 30th
Many communities are struggling to deploy 100% of their CARES funding before November 30th, 2020. Putting together a quick approval process is challenging in and of itself, let alone collecting the appropriate information for auditability. Having worked with communities from Alaska to Virginia, we’re able to provide guidance and templates for a quick start.
It’s not too late to deploy a significant amount of funding!
Here are 3 of the most critical needs that existing software typically doesn’t solve.
1. Capacity Constraints
When dealing with a program where you have hundreds or thousands of applications that need to be reviewed ASAP, transparency and expectation management are key. Excellent communication is typically a high-touch process.
Executing on a high-touch process as a small team requires personalized automations and robust step by step guidance. Reminders, notifications, and guidance that’s triggered and accessible by clients without having to lift a finger. Being able to sort through the noise and respond quickly to more complex questions can shave weeks off of the review process.
Achieving a “soft-no” as early as possible with a phased application approach is just as important. Confirming eligibility with a few readily available pieces of information during an eligibility phase can shave weeks off of a review process that could have ended in the first 48 hours.
2. Audit Trails
Having an audit trail that doesn’t require laborious email and/or CRM scraping is a common challenge for CARES funders. If your team is pulling double entry duty to accomplish this, and they haven't mutinied yet, we’re impressed!
You need a better solution than a CRM to connect the dots between conversations, collecting documentation, and time-stamping key decisions. Real-time, team-wide, access to this data is key to spending fewer hours playing email detective.
Internal and external stakeholders alike are looking for weekly, or even daily updates. Granular real-time views into your pipeline by application stage and funded amounts etc.
3. Process Templates
Application work flows have to be as scalable as possible. The same, consistent, delightful experience for every customer every time. CARES solutions demand quick implementation. Key requirements can morph or change from week to week requiring software flexibility.
With limited time to deploy funds, accessing a trusted guide for additional insights on what work and what doesn’t can make or break your process.
We’ve been helping organizations from Alaska to Virginia solve for these challenges since the pandemic began!
Here’s what people are saying:
"As we pivoted to working from home and collecting loan and grant applications electronically, Lenderfit was able to provide us and our clients with a streamlined and intuitive platform to use." - Lender in Virginia who has process over 1500 applications.
“We couldn’t have done this without Lenderfit. We’re turning heads at the speed at which we’re moving, and getting a lot of positive compliments from our applicants.” - Lender in Alaska who has launched multiple rounds of emergency funding.
If you have a significant amount of funding to deploy, it’s not too late! We’d love to hear from you.