Business Entity Search for CARES Act will help lenders ensure compliance and risk mitigation
Wolters Kluwer Lien Solutions has responded to urgent client needs and established a technology solution specifically designed to help U.S. lenders navigate the influx of business loan applications, and associated compliance and risk mitigation requirements, resulting from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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“Our financial institution clients need to vet borrowers and deliver loans that will keep businesses afloat during this unprecedented situation, and we are on hand to support them”
The Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. The report can be updated multiple times a day and can scale to high levels of loan applications in the coming weeks.
The CARES Act is an approximately $2 trillion coronavirus response bill intended to mitigate the effects of COVID-19 on the U.S. economy. With approximately $377 billion earmarked for small businesses via the Paycheck Protection Program, administered by the Small Business Administration, some banks have already reported tens of thousands of commercial loan applications, each requiring specific due diligence to determine whether the borrower meets loan guidelines outlined under the CARES Act.
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The Business Entity Search for CARES Act solution allows lenders to outsource complex manual processes at high volume to help them service the rapid increase in applications and maximize their opportunity to lend to businesses that need relief. In addition to offering this solution to meet client requirements, the company is regularly updating lenders about the state, county, and department of motor vehicle service interruptions on its dedicated COVID 19 Jurisdictional Update webpage.
“Our financial institution clients need to vet borrowers and deliver loans that will keep businesses afloat during this unprecedented situation, and we are on hand to support them,” said Raja Sengupta, Executive Vice President and General Manager for Wolters Kluwer Lien Solutions. “The Business Entity Search for CARES Act solution helps streamline the process to access CARES Act funds and keep our economy moving. We are pleased to be able to respond to vital market needs by providing this solution, which also helps ensure the necessary compliance and risk mitigation measures.”
