Working Solutions’ Lending Automation Using MMS

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Presentation transcript:

Working Solutions’ Lending Automation Using MMS CAMEO’s 2017 Microlending Forum Feb 1, 2017 Emily Gasner, CEO

The Question: Do we have to sacrifice quality (and mission) for volume? The Answer: No – not if we utilize technology well

About Working Solutions CDFI serving 9 San Francisco Bay Area counties Provide $5,000-$50,000 loans and consulting services for the life of the loan, to early stage small businesses Majority of our portfolio is early stage business <5 years in existence

Growth Sets In Organization has grown from 1 to 16 staff Majority of growth has occurred over the past three years… Since 2005: $11.7 million lent; 467 loans; 96% repayment rate

New Solution - Tech Challenge-getting above 50 loans funded/year Did not want to forgo quality for volume Approached by CAMEO for a pilot project in partnership with LIFT Fund (formerly Accion Texas) for their Microloan Management System (MMS) solution.

About MMS and Pilot MMS = web based, underwriting outsourced solution Pilot project began in August 2013 CAMEO was the lead, and organization under their umbrella had access to limited usage of MMS + support from CAMEO staff 2016 “graduated” from pilot

Pilot allowed us to: Sort Applications Quickly MMS’ auto review provide a rating allowing Lending Team to quickly triage deals

Pilot allowed us to: 2. Support for more borrowers Lending team was able to focus our time on deals that needed our attention, while keeping up with volume

Pilot allowed us to: 3. Improve use of staff time: Deploy staff to focus on greater due diligence and pre-loan technical assistance

Changes = New Rules Previously: Only ONE approval channel = Loan Committees

1) MMS 2) Loan Committees 3) Staff Committee Changes = New Rules Currently: Multiple approval channels = 1) MMS 2) Loan Committees 3) Staff Committee

Best of Both Worlds Hybrid usage of MMS & Loan Committee = growth and quality MMS handles slam-dunk deals Staff and stakeholders still provide holistic review of applicants

Quality AND Volume 2013 2014 2015 2016 Q12017 $1.3M $1.7M $2.2M $2.4M $1M 50 85 94 84 30 Maintaining 96% repayment rate

THANK YOU! Emily Gasner emily@workingsolutions.org 415-477-8415

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