SMALL BUSINESS LENDING
BANKING CORE BANK PRESIDENT AND CEO JOHN SORRELL, CHIEF ADMINISTRATION OFFICER HEATHER WILDERMAN
CORE bank SMALL BUSINESS CHAMPION
Core Bank’s search for a more efficient way to lend to small businesses led it to develop the RapidTRAC loan program, which launched in March. RapidTRAC is a client-centered digital lending system focused on businesses. It’s a simpler, faster way for businesses to borrow and open accounts, according to Chief Administrative Officer Heather Wilderman. “We think RapidTRAC is a game changer for small businesses in getting a business loan,” she said. “The system utilizes the decisioning underwriting algorithm so on the back end it’s also looking at several data sources to do verifications, which then allows us in most cases to do an instant approval or decline of that business loan.” When business owners receive an instant approval, they can review the loan details and decide whether to accept the loan. If they accept, it immediately generates a fully digital execution-ready document package and emails it to the applicants for their electronic signature. “We’re allowing term loans between $10,000 and $100,000 through this product and lines of credit between $10,000 and $50,000, and we’re also offering a competitive rate on rolling out this product,” Wilderman said.
To qualify for this type of loan, firms must have been in business for at least a year, and the owner must have a certain credit score. Requirements and the procedure for applying are outlined on Core Bank’s designated website at rapidtracloan.com.
More Digital Offerings
“The [COVID-19] pandemic has really shifted the banking industry and moved it to a lot more digital offerings,” President and CEO John Sorrell said. “Our industry is moving this way because it’s how people, especially some of the younger clients, want to do business. We believe that this will be shared beyond the markets we serve, and go throughout the Midwest.” Locally-owned Core Bank has five locations — its headquarters and three branches in Omaha and a full-service banking unit in Overland Park, Kansas. In 2022 the bank will expand its mortgage company and add a full-service bank — its sixth location — at 114th Street and Highway 370 at the Granite Falls Development in Sarpy County. Although the pandemic has caused lots of turmoil, the banking industry overall has done well over the past few years, mainly because
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