Numerated, the financial technology company making it easy to purchase financial products from banks and credit unions, announced it has expanded its platform to automate Paycheck Protection Program loan forgiveness. As of , more than 70 banks and credit unions have used Numerated to launch digital lending for the Paycheck Protection Program, speeding approvals for $16 billion in relief funds to more than 170,000 American small businesses and their 2.2 million employees.
Many small businesses that applied for Paycheck Protection Program relief funds at banks using Numerated were able to go from application start to Small Business Administration approval in as few as 10 minutes, completely digitally and often with same-day funding. These banks consistently reported being able to approve 6 to 8 times the volume of loans using Numerated than they were submitting applications through their traditional back office systems and the SBA’s web portal.
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“As the CARES Act was being drafted, we realized our digital lending technology could bring relief to businesses across the country. We knew we could provide a fast, simple, and scalable solution for banks to get capital to their communities,” said Dan O’Malley, co-founder and CEO of Numerated. “While I’d like to pause for a moment to recognize the herculean efforts of our team and the nearly 25,000 dedicated bank employees who used our platform these past several weeks, our job is not done. We’re heads down partnering with more banks to automate the forgiveness component of the program.”
Numerated is a three year-old fintech that provides financial institutions with a digital front end for their business banking products—including digital application, digital lending and digital account opening solutions. Financial institutions using Numerated range in size from $80 million to over $150 billion in assets, and the company is partnering with many of them on forgiveness. This includes one of the top business banks in the country, $29-billion Pinnacle Bank based in Nashville, Tennessee.
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