Community financial institutions (CFI) will use Abrigo’s SBA Lending solution to begin submitting nearly 28,000 Paycheck Protection Program (PPP) applications totaling nearly $3 billion in loans to help small businesses in their communities.
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Abrigo, a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions, has helped its customers prepare to access some of the $310 billion in additional PPP funding using the company’s E-Tran-integrated solution as the second wave of Small Business Administration (SBA) funding opens for applications Monday.
This funding includes $60 billion in PPP loans reserved specifically for community financial institutions: $30 billion for institutions with less than $10 billion in assets, and another $30 billion for institutions with $10-50 billion in assets. Most of Abrigo’s SBA Lending solution customers are community financial institutions, which means this funding will be disbursed to the local communities and small businesses that need it most.
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“Community financial institutions are essential for providing capital to businesses that have been hit hardest by the pandemic. Our SBA Lending solution teams have been working around the clock to ensure CFIs are able to access $60 billion in PPP funds aimed for communities not historically served by larger banks,” said Abrigo President Jay Blandford.
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