When the COVID-19 pandemic hit, many vulnerable businesses needed a lifeline. In response, the U.S. Small Business Association administered the Paycheck Protection Program (PPP), a federal loan designed to keep small business employees working during the pandemic. But to participate as a lender, banks had to act fast.
Given the overwhelming number of applicants, manual loan processing would require demanding hours with low yield. And because most small banks don’t have the resources to quickly develop loan origination software, these organizations would miss the opportunity to be a PPP lender.
Even banks that could develop software needed the ability to react to an emerging program with frequently shifting requirements. Full Skope rose to the challenge, using a Skuid and Salesforce app to quickly respond to this time-sensitive market demand.
Adapting to a program in flux
Full Skope delivers fast, accurate, and secure solutions to financial institutions, law firms, and businesses involved in secure transactions, through a cutting edge, user-friendly platform that drives value for its clients.
Using Salesforce and Skuid, Full Skope built SmartLenders, a web-based loan product that helps banks qualify and process PPP loans. The company partnered with Nymbus, who provided resources to manage the outsourced loan operations process and helped with lead generation.
Full Skope built the critical components to launch SmartLenders with two developers in 3 weeks, with all the customized lead intake and validation required for the Paycheck Protection Program.
This feat was especially impressive given the circumstances of the PPP rollout.
“This program didn’t launch with a lot of information and requirements changed frequently,” said Scott Aris, COO at Full Skope. “We were learning so much and the fact that Skuid helped us adapt in real-time has been a huge benefit.”
Even as businesses began applying for loans, program terms and policies changed. Full Skope was able to quickly react and provide businesses a way to continue their existing application without losing information they’d already shared, using Salesforce app development.
Applicants could also select indicators showing they had provided documents in a previous session, saving them time and rework when updating their submission. Even after PPP ran out of money, businesses continued to apply. SmartLenders was able to hold applications in queue until the program was funded again.
“Skuid allows us to iterate at the drop of a hat.”
– Scott Aris, COO at Full Skope
From 0 to 4,000 bank customer users in 4 weeks
Full Skope exited the beta version of its loan product at the end of April. In less than a month, the platform went from having seven bank users and no bank customer users to 100 bank users and 3,500 to 4,000 bank customer users. Nearly 4,000 of the applications processed led to more than $250,000,000 in disbursed loans to small businesses.
Scott said, “The big thing that Skuid helped us do is present a different brand altogether in a multi-tenant environment. Just by updating a couple of values within a brand record in Salesforce, we’re able to change the entire look and feel of the site, which is really nice.”
Full Skope continued to make enhancements to the product throughout the life of the PPP program. The platform includes:
- Custom messages with the latest updates on PPP.
- A place to upload all documents needed for loan applications.
- A lookup to help businesses find their correct NAICS code out of thousands.
- A view that shows all the application elements after submission, which also allows users to update information if requested.
- Loan document generation.
- A chat feature banks use to provide guidance and loan e-signature options for applicants.
Full Skope continues to rise to the challenges that come its way, quickly responding to this time-sensitive market demands to better serve its customers.
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