When a mid-sized southwest bank decided to participate in the Small Business Administration (SBA) Paycheck Protection Program and aggressively sought to generate a high volume of new loans, they reached out to The RWC Group to augment their existing loan operations team.
The open window for originating loans under the program was limited and the volume of inquiries, requests, applications, forms, due diligence, review and approval required to achieve their goals was staggering in such a short time. The bank needed to quickly mobilize a team of interim resources who were familiar with bank systems, processes and had the prerequisite client-facing skills to interact with bank relationship managers and their customers.
The RWC Group was contacted on a Thursday and by the following Monday the bank was on-boarding the requested seven associates to their platform. After four weeks of the initial surge in production had passed the bank began rolling off interim team members one every other week. When the team got down to four, it was determined that they would be redeployed into the Treasury Management and Client Services areas to assist with onboarding many of these new loan clients to the bank’s deposit and on-line transaction platforms. Within a couple of months the bank had booked over $4 billion in PPP loans to both existing and new customers, created more tightly bound relationships through the introduction of new products and services, and generated incrementally significant assets, deposits and fee income, most of which could not have been realized solely with the bank’s internal resources. In early fall, The RWC Group associates were released and the bank returned to business as usual.
After a few month’s hiatus and as the PPP program moved into the next phase of its life cycle, The RWC Group was again requested to provide assistance with the Loan Forgiveness portion of the program. Within three business days a team of six of The RWC Group associates were deployed and began a week of training on a data base and a loan processing system the bank developed to handle the specific nature of PPP loan administration. This team is anticipated to be in place six to 12 months and will be adjusted up or down in number to right size the effort along the way.
The RWC Group was able to provide our bank client with just-in-time resources to accomplish their production goals without going through the hiring process, knowing full well that the resources would not be needed at the end of the projects, and with the flexibility to adjust the number of resources along the way.
While we had performed other more consulting related business with the bank prior to this engagement in limited capacities, the bank has confided that we are their go-to solution for subject-matter-expertise and interim resources going forward. For more information on what we can do for you, please go to www.therwcgroup.com and click Connect and Contact to provide your contact information or call 866-RWC-CALL (866-792-2255).