Economic development agencies play a vital role in fostering growth and prosperity within communities. They often manage a portfolio of loans that support businesses and initiatives aimed at creating jobs, enhancing infrastructure, and fostering innovation. At BGI, we understand the intricate demands of economic development lending and have designed our loan servicing software with these specific needs in mind.
Our software caters to the diverse range of loans typically managed by economic development agencies, from small business loans and microloans to larger-scale infrastructure or community development loans. We acknowledge the unique parameters these loans often possess, such as varied repayment structures, low-interest rates, or extended grace periods.
Our loan servicing software offers the flexibility and adaptability needed to cater to these distinct characteristics. It allows for the configuration of a variety of loan parameters, including customizable repayment schedules, interest rates, and grace periods.
Moreover, our software can manage the specialized requirements of economic development loans, such as performance-based terms, where repayments can be linked to job creation or other development indicators. It also accommodates revolving loan funds where repaid funds are lent out again to new borrowers.
An economic development agency needs a precise, comprehensive view of its lending activity to track progress, manage risks, and report to stakeholders. Our software offers robust reporting and analytic tools that deliver this insight, presenting data on loan performance, repayment rates, job creation outcomes, and more.
By choosing BGI's loan servicing software for economic development, agencies can leverage a solution built with an understanding of their unique lending landscape. We are committed to providing tools that aid economic development agencies in their vital work of fostering growth and prosperity in their communities.