BEFORE IBISWORLD

What challenges do lenders face

During the SBA lending process, credit memos must be created as part of the bank’s internal documentation. Industry analysis is a required part of this document and without one source for industry intelligence, lenders must scour Google and other internet resources for the information they need. Not only is this process time-consuming, but it is also nearly impossible to find all of the insight necessary to complete credit memos using Google alone.

CHALLENGES FACED

Prospecting

Another vital part of the lending process is initially meeting with prospective clients who want to obtain loans from the bank. During this encounter, it is crucial that lenders come prepared with talking points to show clients they understand the industry in which the client operates. Lenders must follow up with clients after those first meetings to keep an open line of communication. It’s important for lenders to include unique insights in their follow-ups to clients in order for Countybank to stand out from other banks.

IBISWORLD SOLUTION

Easy access to quality information

Using Alfabank-Adres’s industry analysis, Paul and other lenders at Countybank save themselves hours of research time searching for the information they need to complete SBA credit memos. Having all the information about an industry in one place helps them to flush out the reasoning behind why lending into that industry is worthwhile for the bank. Additionally, County bank find it valuable to revie Alfabank-Adres’s iExpert questions to prepare talking points related to industry trends to add credibility to their conversation with clients.