Fountainhead, one of the most active SBA lenders in the country in 2020, today announced a partnership in which the nonbank lender will utilize Biz2Credit’s cutting edge Biz2X Accelerate SBA platform to process Small Business Administration (SBA) loan applications for all SBA lending programs more quickly and efficiently, including during the upcoming second round of the Paycheck Protection Program (PPP).
Fountainhead, a leading nonbank SBA lender that serves small and midsized businesses by offering SBA loans as well as their conventional loan program, was designated one of SBA’s “Preferred Lending Partners” (PLP) in 2020 and will now adopt Biz2X as its lending platform to streamline its processes for handling first and second draw PPP loans.
The partnership will allow Fountainhead to offer a fully digital experience for their SMB clients and staff to streamline all aspects of their lending process from application through closing and monitoring. This will also enable Fountainhead clients to quickly apply and be approved for their PPP loans, as well as regular SBA loans like 7(a) and 504.
“By adopting Biz2X Accelerate SBA, Fountainhead will have direct access to SBA’s online PPP application system using Biz2X’s API, allowing for the fastest processing and loan approval times that can be offered for these government-backed loans,” said Rohit Arora, CEO of Biz2Credit and Biz2X, a pioneer in FinTech, and one of the nation’s leading experts in small business finance.
Features of the Biz2X-Fountainhead Partnership include:
- Digital customer dashboard allowing SMBs to apply for PPP loans, as well as all other Fountainhead-offered loan products.
- Ease-of-use for Fountainhead staff processing loan applications through a new staff portal available with Biz2X.
- Loan decisioning rules that incorporate the latest SBA guidance on lending policies for the Paycheck Protection Program.
- Automated KYC and compliance checks that enable the nonbank lender to verify customer-provided applications faster and with less effort by the company’s underwriting team.
Fountainhead is one of the top 100 most active SBA lenders in the country. As part of the recently signed agreement, the nonbank lender is utilizing Biz2Credit’s Biz2X PPP Lending and Forgiveness Platform and will also use Biz2X for loan origination of other SBA lending programs, such as 7(a) and 504, in addition to Fountainhead’s conventional loan program.
“Our Biz2X platform is fully automated and features state-of-the-art machine learning technology that is able to read data from payrolls and bank statements and help calculate loan and forgiveness amounts for the borrower,” said Arora.
“During the first round of PPP, banks and nonbank lenders struggled to keep up with the demand for PPP funding requests from small business owners. Many lenders recognized the benefits of FinTech support to process PPP and forgiveness applications quickly and efficiently,” Arora added. “We are proud to partner with Fountainhead to help them serve their customers better through this unique small business relief program.”