When the team at Umpqua Bank, an Oregon-based community bank, chose Mirador to help them modernize their small business loan application process, they didn't just streamline an outdated process, they made it possible for local business owners to more easily acquire the funding they need to grow their businesses.
Take Yong Hwan Seo (David), owner of a local printing business, for example. In the past, David applied for small business loans through other banks for different businesses, experiences he describes as “absolutely terrible.” Enduring application processes that took hours to complete and lackluster communications, David's efforts never yielded the money he needed for his businesses. His experience with Umpqua Bank's digital loan application process, powered by Mirador, was different, a process he describes as “very simple and easy” and gives a “10 out of 10.”
Like many community banks, Umpqua faced the challenges of an inefficient small business loan application process that was burdensome to both the internal team at Umpqua and borrowers. Increasing numbers of borrowers were choosing the convenience – and higher interest rates – of online lenders. With the introduction of its new process, powered by Mirador's digital lending platform, Umpqua Bank is processing and decisioning small business loans faster and more efficiently than ever before. Application completion times have dropped from hours to minutes, and Mirador's automated decline feature means loan officers spend less time on declined applications.
The improvements are paying off for Umpqua Bank. Customers are happy with a simpler, faster, more flexible application process that can be completed anytime, anywhere. And Umpqua is processing more small business loans than ever, over $11 million in less than a year. More importantly, Umpqua is able to help more community businesses, like David's, grow.