We first became aware of this issue when we saw it in the news - small businesses that were eligible for a loan-program all flocked to banks such as Chase. The bank received over 60,000 applicants withing the first 5 minutes of the program, but they could only verify 27,000 before funds ran dry. The other 33,000 applicants didn't even get looked at - and they may have been more eligible for a loan than others who received one. Small businesses were enraged when they realized they didn't receive funding. It was described as "a stampede through the eye of a needle."
We wanted to give small businesses a better chance of being received in a loan program - hence why we made CreditKonnect.
(Here is an example article.)
TL;DR Our inspiration was seeing all these promising businesses having to close because they were crawling into debt because their loans weren't getting approved fast enough. We knew that there had to be some way to fix this and we thought hard about it until we came up with CreditKonnect. In summary, our inspiration was the struggling business owners who devoted their lives to their businesses just to see it go down the drain.
What it does
CreditKonnect works by saving time for banks and loan seekers. We preapprove loans by using risk profiling methods to pick the best candidates to get loans from banks. This saves time for banks because it filters out lots of people that they would say no to. This also saves time for people who are asking for loans because they will receive their verdict much faster, and if they get no from their preferred bank they will be suggested other banks where they can get their loan.
How we built it
Challenges we ran into
The back-end took a significant amount of time and getting it to work was a complicated process. The next big challenge was editing the navigation bar to link correctly to all the other pages.
Accomplishments that we're proud of
We are happy that we've linked the back-end to the front-end successfully. As a team, we are also proud of having an aesthetic website that looks professional. We are proud that is such a short span of time, all of us dedicated hours and hours each day to work on something together. We are proud of what we have made together.
What we learned
One big thing that we have learned is that sometimes the answer to a problem is much smaller than it may seem. Many times, we got stuck on problems that we just couldn't seem to solve but we would later realize that it had a simple fix. So now, we know to first go through a problem logically and think of the simple answers first.
We also learning the importance of proper communication. Always being able to talk to one another let us know exactly what we had to do and streamlined the whole process.
What's next for CreditKonnect
The next thing we plan to do is implement a form of verification so that the banks we have in account are all real banks. We just built the minimum viable product - we can go much further from here.