Community banks can accept applications online, accept e-signatures to quickly aid businesses affected by the COVID-19 pandemic
Computer Services, Inc, a provider of integrated financial technology solutions, has expanded its digital commercial loan services to provide community banks a streamlined, expedited origination process for the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP).
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.@CSIsolutions Offers Community Banks Digital Lending Tools to Streamline SBA Paycheck Protection Program (PPP) Loans
CSI’s core banking system fully supports SBA origination and servicing. In response to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed on March 27, the company is enabling the origination process of these loans through its partnership with RC Giltner Services, Inc. CSI banks can provide an end-to-end integrated digital lending solution for PPP loans to SBA-certified customers. The services include automated applications and e-sign documents, along with a unique website allowing each community bank’s customers to complete the loan process online.
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“As soon as the CARES Act became law, CSI moved quickly to ensure that our bank customers could provide much-needed relief to the businesses in their community,” said Steve Powless, CSI’s chairman and CEO. “Small businesses are the backbone of our communities, and enabling them to maintain operations and retain staff during this economic and health crisis is one of the most important things we can help community banks achieve.”
The Treasury Department recently issued guidance for the PPP, providing the SBA $350 billion in loans to help small businesses retain employees during the COVID-19 pandemic. Starting April 3, eligible small businesses with 500 or fewer employees may apply for PPP loans. Independent contractors and self-employed workers may apply starting April 10.
