To ensure that no small business is left behind for the CARES Act Paycheck Protection Program (PPP), Biz2Credit’s Biz2X platform is now being offered free of charge to banks and credit unions with assets under $10 billion that are offering PPP loans.
“We want to make sure that small banks around the country can get money into the bank accounts of small businesses in a timely fashion,” said Rohit Arora, CEO of Biz2Credit and Biz2X, one of the country’s leading experts in FinTech and small business lending. “Numerous banks and credit unions are struggling to respond to the demand for PPP funding by small business owners. Many of them need support to actually process loan applications quickly and get funding into the hands of struggling business owners as soon as possible.”
Since PPP lending was launched by the SBA and the Treasury Department on April 3, the program has been hampered by widespread confusion among banks, who were unclear about key program provisions when the initiative went live.
“Now many regional and community banks are scrambling to catch up to some of the big banks that have gotten off to a head start,” Arora added. “Biz2X Accelerate SBA helps banks of all sizes process these PPP loans quickly and securely. The platform is ready to launch in just 24 hours when a bank sign on.”
Biz2X Accelerate SBA provides a range of benefits including:
- Borrowers gain access to a user-friendly PPP digital application experience, to upload, submit and e-sign required documentation;
- Applications already collected by banks during the first week of the PPP program can be merged into the platform, so the entire program can be managed in one place;
- Auto-retrieval and verification of required payroll, tax, and financial data;
- Banker dashboard includes a payroll calculator PPP and reduces review time, paperwork and manual effort;
- Electronic application submission via SBA E-tran.
The Biz2X Accelerate SBA platform went live on Friday, April 10 to existing Biz2X client lending partners, which are now able to process PPP loans through the platform with a fully digital workflow from origination to SBA submission.
Read More: Remitly Partners With Alipay to Offer International Remittances
Speed is a key value that banks are concerned about at this time. The PPP process puts a strain on the usual lending infrastructure that most banks rely upon. A relationship manager can get trained on Accelerate SBA using a self-guided tutorial in about 10 minutes. This allows them to get up and running quickly with software that reduces application processing time by up to 75% (30 mins vs. taking up to 2 hours). These efficiency gains come from the platform’s many automation features including electronic submission to SBA E-tran without the need for manual entry.
“Some bankers are getting to work as early as 6 a.m. just to try and get applications submitted to the SBA E-tran system. We are now offering them flexibility and speed,” said Biz2X CTO Vineet Tyagi. “Biz2X is a modular and scalable platform that already has multiple lending products built into it. Because of that architecture, it was easy for us to set up the new Accelerate SBA in a short period of time when lenders need it most.”
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
