Credit Union Services Organization Quickly Develops Lending App Using OutSystems to Process 4,000 Loan Applications, Fund $30 million in Loans for U.S. Paycheck Protection Program
OutSystems today announced that customer Lucro Commercial Solutions, a leading credit union services organization (CUSO), rolled out an application in less than a week to help small businesses apply for critical pandemic-relief loans through the U.S. government’s Paycheck Protection Program (PPP).
Lucro leaders realized shortly after the government opened calls for PPP loan applications that they would need to improve their own processes to keep up with loan demand. They built an app using the OutSystems low-code development platform to solve the problem quickly. The app, delivered in under one week, has made it easier for borrowers to fill out complicated forms. It also has simplified the PPP-related underwriting, servicing, and documentation services Lucro provides to credit unions and community lenders – enabling it to compete head to head with larger lenders in the government loan program.
Since Lucro rolled out the application, it has processed 4,000 PPP loan applications and funded $30 million worth of loans. Loans issued through Lucro and its partner organizations have benefitted small, community businesses, providing an average loan volume of $60,000 to nearly 600 businesses.
“We were jamming Paycheck Protection Program loans into our conventional workflows, and we were falling behind,” said Cori Schmidt‑Zdrazil, Chief Operating Officer at Lucro Commercial Solutions. “Creating an automated system on the fly, while the program was rolling out, gave us the ability to keep pace and help an underserved set of customers at a time when they need support. The platform also gives us the ability to compete with much larger institutions with much more resources.”
Lucro developed the new application with help from global digital solutions provider Truewind, an OutSystems Elite-level partner. In less than a week, a pair of Truewind developers took Lucro’s direction and delivered an extension to the Digital Business Lending Centre (DBLC) application the company built for Lucro in 2019. The DBLC has provided lending institutions with an easily configurable, turn-key online solution capable of cutting loan application time from 30 hours to 30 minutes.
The extension to the DBLC allowed Lucro to create a separate, streamlined workflow for PPP applications, bypassing conventional procedures and adhering directly to requirements for the Small Business Association program itself. An online wizard guides the borrower through the loan application process, saving time and creating a more positive user experience. Lenders also benefit from a streamlined process, enabling them to package loan documents faster and eliminate errors in fast-turnaround processes.
“Across the world, we’re seeing inspirational examples of technology playing active roles solving business problems in such a challenging environment,” said Carlos Alves, Chief Customer Officer at OutSystems. “Lucro and Truewind deserve credit for the vision they showed using a low-code platform to deliver an impactful business solution so quickly, when customers need it most.”
About Lucro Commercial Solutions
Lucro Commercial Solutions (Lucro) is a service organization started 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 more than $4 billion in assets with their business lending needs. Lucro is wholly owned by Corporate One Federal Credit Union.