Wolters Kluwer Lien Solutions has launched iLien for Main Street – a technology solution devoted to helping U.S. lenders optimize their due diligence and lien management efforts when securing loans for small and medium-sized businesses under the Main Street Lending Program (Program). The Program is part of the U.S. Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Read More: GlobalFintechSeries Interview with Patrick Turiano, Director of Marketing at Paysafe Group
“We are uniquely positioned to offer lenders a secure, compliant and holistic way to help manage their Main Street Lending Program loans within one system through our iLien management technology that supports the Program”
The Main Street Lending Program helps small and medium-sized businesses adversely impacted by the COVID-19 crisis via the issuance of special loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic. The $600 billion Program offers five-year loans, ranging from $250,000 to $300 million, with floating rates and deferred principal and interest payments to assist businesses facing temporary cash flow interruptions.
Read More: Strider Announces John Mullen, Former Assistant Director of CIA, Joins Company as Advisor
Lenders participating in the Program are expected to follow their current practices and procedures, including those relating to due diligence and perfecting liens on collateral security (if any). Where a lender would normally require a loan to be secured, it must take all necessary steps to ensure that its lien on such collateral is perfected and complies with the security and priority requirements set forth in the Program. iLien for Main Street reduces the manual burden of ensuring compliance and supports management of the lien throughout a Program loan’s lifecycle.
“We are uniquely positioned to offer lenders a secure, compliant and holistic way to help manage their Main Street Lending Program loans within one system through our iLien management technology that supports the Program,” said Raja Sengupta, Executive Vice President and General Manager for Wolters Kluwer Lien Solutions. “Our technology fundamentally improves lenders’ ability to holistically view their lien portfolios, including Program loans, in a way that helps mitigate risk and improves the quality and efficiency of their operations. Having one place to manage liens is particularly crucial for audit and traceability, given the government’s involvement in the Program.”
Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers
