Over 100 lenders use Numerated to manage PPP loans and forgiveness
Numbered, the leading business lending technology company for banks and credit unions, today announced it will fully automate lending for the next funding round of the ongoing Paycheck Protection Program (PPP) negotiations in Congress to fight the coronavirus pandemic.
During the first PPP loan cycle in April, Numerated launched digital lending solutions for more than 70 lenders over a 48-hour period. As lenders brace for a further increase in loan demand, the company is poised to launch both existing and new clients just as quickly in this next cycle.
“Everyone in the banking industry remembers their channels being overwhelmed, the race to get approvals, re-entering applications into the SBA portal, changing guidelines and the enormity of the pressure on businesses.” said Dan O’Malley, co-founder and CEO of Digitized. “Digital lending technology was essential for lenders to handle the overwhelming volumes back then, and will be just as important in this next cycle with their internal teams also underwater with Pardon. “
More than 25,000 bank and credit union employees have used Numerated to process more than $ 34 billion in PPP relief funds, protecting more than 250,000 small businesses and 2.3 million paychecks. At the peak of the program, Numerated’s platform was approving three PPP loans every second at a rate of $ 250 million per hour through its API E-Tran integration.
Numerated’s platform is unique in that it fully automates PPP lending, saving lenders and borrowers thousands of hours of time and frustration. This includes using data and API integrations to automatically populate applications with business information, programmatically secure Small Business Administration approvals, automate document package creation, and streamline loan onboarding. heart.
“The lenders we work with are gearing up to handle what they expect will be another rush to get approvals. We’ve been in the trenches with them for weeks anticipating challenges and developing solutions for this next round of P3s, ”said O’Malley.
Following the close of PPP loans earlier this year, Numerated continued to invest development cycles in improving its digital lending solution for PPP. New features include improved support for self-service borrower journeys, intuitive user interface, native document upload portal and improved E-Tran error monitoring, DocuSign integration and reporting functionality .
Beyond technology, Numerated supports the lending community using its platform for PPP with access to thousands of training resources, proactive program communication and data insights, and twice-weekly webinars. week to ensure success.
To learn more, visit www.numerated.com.
Numerated makes it easy for businesses to purchase financial products from banks and credit unions. Financial institutions use Numerated to create award-winning digital lending and digital account opening experiences powered by rich data integrations and artificial intelligence. Numerated was recently recognized as one of the 250 Best FinTechs of 2020 by CB Insights, the Best FinTech Software of 2020 by FinTech Breakthrough and the Most Innovative Industry Partner of 2020 by Barlow Research. Numerated authorizes business loans for over 100 major merchant banks, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People’s United Bank, Pinnacle Bank and more.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20201217005655/en/