Fresno First Bank partnered with DocFox to automate the large influx of SBA PPP loan applications in order to support the communityÂ
Fresno First Bank launched their online SBA PPP Loan application with an automated BSA solution powered by DocFox, which analyzes documents and performs enhanced screening ensuring a complete application can be compiled and prepared for loan review in a matter of minutes without any manual intervention from the bank.
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It is a struggle for most banks to offer online account opening or application processing for business accounts. With this in mind the prospects look bleak for the largest stimulus package in history to deliver $350 Bn through banks, with a week’s notice, to small businesses around the country. The banks need to identify their applicants, adjudicate the loan under their internal rules and then supply the application to the SBA and finally upon approval disburse the funds. All the while doing so in compliance with onerous Know Your Customer and Anti Money laundering regulations. The $350 Bn is drying up but with additional support funds expected to be announced banks need to be prepared.
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This has added complexity with many of the small businesses being independent contractors without EIN numbers and inconsistent records to demonstrate payroll. PPP loans to these applicants became available on Friday allowing qualified applicants to receive a loan of up to 2.5 times their monthly payroll. These loans are crucial for the survival of many small businesses, but lenders need to ensure that all loans comply with stringent rules. This is a complex and time consuming task which can take weeks of back and forth.
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