As a community lender it is increasingly necessary to standardize your commercial loan monitoring practices and build efficiencies as you position yourself for growth. Covarity for Community Banks automates the operational monitoring and analysis of commercial loans for community banks that offer working capital lending.
Of particular interest to community banks is Covarity’s unique ability to provide a comprehensive foundation for those with working capital lending or those considering such a shift. Covarity’s modular approach extends lenders an easily configurable solution, tailored to your business requirements. From borrower document collection, tracking, exception management and financial analysis, Covarity for Community Banks supports aggresive growth objectives and regulatory requirements.
With Covarity for Community Banks:
- Automate borrowing base calculations – perform collateral valuation for formula-based or working capital loans. Configure borrowing base formulas and classes of collateral using aged receivable listings, inventory and online borrowing base certificates.
- Automate the covenant monitoring process – spread financial documents, calculate ratios, apply covenant tests and configure early warning thresholds that you can quickly and easily configure according to your loan agreements.
- Improve the timeliness of document submissions through automatic ticklers – customize communications to remind clients and internal resources of upcoming submissions, or to advise clients when they are late reporting. Reporting schedules are completely customizable based on frequency and documents or statements required.
- Generate insightful analysis and compliance reports – run portfolio reports for exceptions and document submissions. Borrower level trend and borrowing base reports are shared online with your borrowers, increasing the transparency and engagement between you and your clients.
- Enable your clients to work with you online – differentiate your client service capability with an online and interactive Client Dashboard (with your brand identity) that enables clients to upload documents electronically and review their financial performance trends.