NEW YORK, April 14, 2020 / PRNewswire / – Unqork, the leader in enterprise codeless application development technology, today announced a partnership with Deloitte to launch a fully managed small business loan service to digitize the lifecycle end-to-end loans. This solution will allow small business lenders to streamline the distribution of loans to small businesses in need of assistance due to Covid-19. The service complies with the requirements of the CARES Act (Coronavirus Aid, Relief, and Economic Security) which was recently passed by Congress to provide quick and direct economic assistance to American workers, families and small businesses and to safeguard the US Industries jobs, also known as the Small Business Administration Paycheck Protection Program (SBA PPP).
“The CARES Act attempts to help small businesses weather the storm associated with Covid-19. However, the challenges of treatment $ 349 billion The volume of loans in a matter of weeks revealed the inadequacy of the technology platforms currently serving the small business lending market. This has left most lenders with complex operational challenges resulting from legacy technology and manual processes and controls, ”said Rabih Ramadi, Head of Financial Services at Unqork. “This loan service addresses these inefficiencies by quickly providing small businesses with the economic help they need.”
Unqork and Deloitte partner with Plaid to deliver a fully digital turnkey solution with preconfigured business processes, operational resources and compliance controls. The platform includes an easy-to-use customer (borrower) experience, real-time validations, integrations with data providers, as well as comprehensive underwriting and service capabilities for lenders. The platform can be deployed in a few days while being personalized according to the experience desired by the lender.
“Speeding up loan processing could make the difference between a business and its surviving employees intact, or add to skyrocketing unemployment,” said Lowell putnam, Responsible for partnerships. “The Unqork and Deloitte service integrates several Plaid products to enable lenders to process CARES Act loans quickly while adhering to guidelines. Ultimately, this can help speed up the distribution of relief funds to more businesses.”
This launch is part of Unqork’s ongoing work with cities, states and financial institutions to streamline the delivery of economic and emergency relief in response to Covid-19. In addition to loans to small businesses, Unqork has enabled major U.S. cities to rapidly deploy technology to better connect their residents to essential services, such as delivering food to vulnerable citizens, distributing medical supplies to healthcare workers. and data collection and mapping to help understand the impact of Covid-19 in local communities.
Those interested in deploying small business loan service can learn more about https://www.unqork.com/sb-lending.
Unqork is the industry-leading no-code enterprise application platform that helps large enterprises build, deploy, and manage complex applications without writing a single line of code. Organizations like Goldman Sachs, Liberty Mutual, the New York City, and Maimonides Medical Center use Unqork’s drag-and-drop interface to build business applications faster, with higher quality and lower costs than conventional approaches. To learn more, please visit: https://www.unqork.com/
Deloitte provides industry-leading audit, advisory, tax and advisory services to many of the world’s most admired brands, including nearly 90% of Fortune 500® companies and more than 5,000 companies private and medium-sized enterprises. Our employees work in all industry sectors that drive and shape today’s market, producing measurable and lasting results that help build public confidence in our financial markets, inspire clients to see challenges as opportunities for transformation and prosperity, and help pave the way for a stronger economy. and a healthy society. Deloitte is proud to be part of the largest global network of professional services serving clients in the markets that matter most to them. Now celebrating 175 years of service, our network of member firms spans over 150 countries and territories. Find out how the more than 312,000 Deloitte employees around the world are having a significant impact on www.deloitte.com.
Plaid is a data network that powers the fintech tools that millions of consumers rely on to live healthier financial lives. Plaid is used by thousands of digital financial apps and services like Acorns, Betterment, Expensify, and Venmo, as well as many of the largest banks to make it easy for consumers to connect their financial accounts to the apps and services they want. use. Plaid connects with over 11,000 financial institutions across the United States, Canada and Europe. The company was founded in 2013 by Zach Perret and Guillaume de Hockey and has its seat at San Francisco, California.