NEW YORK, March 30, 2020 (GLOBE NEWSWIRE) – Biz2Credit, the leader in online finance for small businesses, presented today Biz2X Accelerate SBA, a platform that enables banks and other financial institutions to respond effectively to the influx of loan applications from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the landmark CARES Act stimulus plan .
On March 27, 2020, President Trump signed the CARES Act to save small businesses facing enormous financial pressures from the novel coronavirus (COVID-19). As part of the $ 2.2 trillion economic stimulus package, $ 350 billion is earmarked for small businesses in the form of loan guarantees from the Small Business Administration (SBA).
“Banks and credit unions are in a critical position to facilitate the record volume of small business loans that will flow from the CARES Act,” said Rohit Arora, CEO of Biz2Credit and Biz2X, one of the country’s top experts in small business financing. “The ability to assess, process and deliver funds quickly will separate successful lenders from those who are unable to meet market needs. “
Biz2X Accelerate SBA builds on over 12 years of SBA lending experience from Biz2Credit. It supports all types of loans authorized by Congress under the CARES Act.
The platform offers an omnichannel customer experience combined with the best risk management tools for bankers. These capabilities are helping banks meet social distancing requirements during the coronavirus outbreak by allowing loan applications to be processed 100% online.
The platform offers other key capabilities needed for this unprecedented government program:
- Rapid deployment in the cloud via a secure SOC-2 certified infrastructure;
- Identify and calculate payroll expenses to determine loan forgiveness eligibility;
- Integrated third-party data integrations including IRS, credit bureau and financial data;
- SBA rule-based logic queues forms required under special circumstances;
- Omnichannel customer service portal allowing 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 are encouraging banks and credit unions to act quickly. Lenders who do not have these capabilities will soon be unable to meet the June 30 Paycheck Protection Program filing deadline, ”said Arora. Lenders interested in learning more can request a demo on the company’s website.
Biz2Credit’s Biz2X platform provides banks and other financial institutions with the ability to streamline their digital loan application processes, better manage risk, and responsibly grow their loan portfolios. For more information visit Biz2X.com.
Media Contact: John Mooney, (908) 720-6057,[email protected]