FinTech company streamlines the process for financial institutions to facilitate small businesses access to CARES Act and Paycheck Protection Program funds.
Baker Hill, the leading financial technology provider in delivering solutions for commercial, small business and consumer loan origination, risk and relationship management, CECL, and analytics, has announced the launch of Baker Hill NextGen® SBA Fast Track, available Friday, April 3, 2020. Baker Hill NextGen SBA Fast Track is an expansion of Baker Hill’s small business and commercial lending capabilities designed to fast track small business applications looking to access CARES Act and Paycheck Protection Program (PPP) funds.
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With Baker Hill NextGen® SBA Fast Track, financial institutions can make faster, smarter decisions when it comes to meeting the increasing demand for small business loans. The product leverages the capabilities of the existing Baker Hill NextGen® Small Business Loan Origination and is specifically designed to meet the escalating need for SBA loan origination as small businesses look to leverage the resources available through the Paycheck Protection Program (PPP) and CARES Act. The cloud-based solution allows for the management of the lending process from multiple locations, creating a digital solution that benefits both the small business borrower and SBA lender.
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“It’s crucial that banks and credit unions are able to quickly make decisions when it comes to SBA loans,” said John Deignan, president and chief executive officer at Baker Hill. “Main Street needs help and we want to help accelerate the pace of delivery. This essential product can provide relief in days, not weeks.”
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