Biz2X Launches SBA Loan Platform for Banks to Start Lending Under CARES Act
03/30/2020 | 10:40am EDT
NEW YORK, March 30, 2020 (GLOBE NEWSWIRE) -- Biz2Credit, the leader in online small business finance, today introduced Biz2X Accelerate SBA, a platform that enables banks and other financial institutions to efficiently respond to the influx of loan requests from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the historic CARES Act stimulus package.
On March 27, 2020, President Trump signed the CARES Act to rescue small businesses that are under tremendous financial strain caused by the novel coronavirus (COVID-19). Under the $2.2 trillion economic stimulus plan, $350 billion is earmarked for small businesses in the form of loan guarantees by the Small Business Administration (SBA).
“Banks and credit unions are in the critical position of facilitating the record-setting volume of small business loans that will come through the CARES Act,” said Biz2Credit and Biz2X CEO Rohit Arora, one of the country’s top experts in small business finance. “The ability to efficiently assess, process, and deliver funds quickly will separate the lenders who thrive from those that are unable to meet market needs.”
Biz2X Accelerate SBA draws on 12+ years of Biz2Credit’s SBA lending experience. It supports all loan types authorized by Congress under the CARES Act.
The platform delivers an omni-channel customer experience paired with best-in-class risk tools for bankers. These capabilities help banks meet social distancing requirements during the coronavirus outbreak by enabling loan applications to be processed 100% online.
The platform delivers other key capabilities needed for this unprecedented government program:
Fast deployment in the cloud via secure SOC-2 certified infrastructure;
Identify and calculate payroll-related expenses to determine eligibility for loan forgiveness;
Built-in third-party data integrations including IRS, credit bureau, and financial data;
SBA rules-driven logic queues up forms required for special circumstances;
Omni-channel customer service portal for bankers to process applications; and
A complete white-label user interface that gives lenders the advantage of serving clients quickly and showcasing their brands.
“With existing partners already signed up to launch Biz2X Accelerate SBA in the coming weeks, we encourage banks and credit unions to act fast. Lenders who don’t have these capabilities soon will be unable to meet the June 30 Paycheck Protection Program filing deadline,” Arora said. Lenders interested in learning more can request a demo on the company’s website.
About Biz2X Biz2Credit’s Biz2X platform offers banks and other financial institutions the ability to streamline their digital loan application processes, better manage risk, and grow their loan portfolios responsibly. For more information, visit Biz2X.com.