The commercial loan should be exciting for everyone.

Business owners have a vision for how they might impact the world around them. Banks have the financial fuel to transform those visions into reality. The collaboration between the two is the cornerstone of progress and development.

Yet, we’ve been on the borrowing side of the commercial lending process. We’ve run up against the dreaded exchange of hundreds of documents and signatures through endless email chains firsthand, and spoken to many other borrowers who begrudgingly accept this process as a necessary evil.

In a world of increasingly quick, convenient, and transparent customer experiences, we wondered “Why hadn’t the commercial lending process been simplified yet?”

After hundreds of conversations and multiple rounds of vetting prototypes with loan officers, loan assistants, and bank executives, we discovered that the borrower’s struggle paled in comparison to that of the lending team.

Loan officers, who could be out nurturing relationships and sourcing potential leads, are instead badgering existing clients for documents and signatures. Alongside them, are loan assistants who are spending every day prioritizing which fires to put out first just to keep loans from standing still. The resulting churn and inherent complexity of commercial lending then limits the bank’s ability to grow, as hiring and training new team members can take months or even years.

Without improving the day-to-day experience for lending teams, the experience for the business owners couldn’t be improved either. So, we set out to build a solution that would empower them both with a single source of truth to tackle any loan with confidence. That solution is Vela.

Vela transforms the relationship between financial institution and borrower, because progress depends on it.