Proven Solution Supports Rounds of Federal Funding, Enabling Same-Day Processing of Thousands of Applications from Submissions, Bank Review, Underwriting, SBA Reporting, Approvals and Payment
Blue Prism has teamed-up with Lateetud and ABBYY to support the US government’s latest COVID-19 relief efforts for small businesses, by helping to automate loan applications during the two rounds of funding, $349 billion and $310 billion respectively, allocated by Congress as part of its SBA Paycheck Protection Program (PPP). The solution, currently being used by several U.S. banks, uses Digital Workers to automate process loan applications in a matter of seconds, for same-day approvals.
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The PPP is designed to serve as a lifeline for small businesses with fewer than 500 employees until the economy reopens. By effectively automating the loan approval process, this partnership will be essential in the rapid processing of these loans and helping small businesses stay afloat. With the second round of PPP funding drying up, thousands of potential borrowers that are looking for aid during the pandemic may be shut out.
The daily demand for loans is more than the SBA processes in an entire year. Loan applicants are frustrated with the amount of time it takes to process the loan applications end-to-end, including filing and receiving timely status updates. To keep up, First Home Bank partnered with Blue Prism, Lateetud and ABBYY to automate the entire end-to-end loan application and submission process.
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