LendingFront, a leading fintech operating system that powers small business credit for community banks, credit unions, CDFIs, payment processors and alternative lenders, today announced a new solution integrated with its lending platform designed specifically for the Small Business Association’s Payment Protection Program (PPP).
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“As bipartisan support gains momentum in Congress for a new round of the SBA’s Payment Protection Program, lenders need to be ready to handle the next influx of applications which we expect to come early next year,” said Jorge Sun, CEO and Co-Founder, LendingFront. “LendingFront’s PPP lending solution will help lenders eliminate the friction and overwhelming manual processes that resulted from the all-hands-on-deck approach that most banks had to implement to handle the inundation of loan requests.”
LendingFront’s PPP solution will capture all the information an applicant enters into a lender’s web application—including the PPP’s specific information and documentation requirements.
LendingFront then automatically transfers the application into the format that the SBA will accept via its E-Tran system — no re-typing of information required. The system also handles all e-signatures, with no manual gathering of signatures needed. If there are any missing documents, LendingFront handles the bi-directional communication between the lender and the applicant, saving everyone time and keeping the process safe and secure.
Significantly, the PPP solution will be offered at no charge to a lender with no contract minimum, so the lender’s risk and obligation to LendingFront is zero.
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