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The Direct Line to More-and More Profitable-SBA Lending

The global pandemic witnessed a swift and significant rise in the number of lenders cooperating with the Small Business Administration (SBA) to provide low-cost government-backed small business loans to millions of businesses on the brink of disaster. Under the auspices of the Paycheck Protection Program (PPP), nearly 10 billion loans totaling $762 billion were granted to small businesses with the express purpose of allowing employers

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The Principles of Straight-Through Loan Processing

With the recent small business lending frenzy and an increase in mortgage refinancing, lenders implementing straight-through loan processing have a significant advantage. What is straight-through processing, though?  Straight-through loan processing (or STP) means automation of the entire lifecycle of the loan from loan application to disbursement, with little-to-no manual intervention. Financial institutions can then service the borrower quicker while saving highly skilled resources to work on more complex cases. As a result, many institutions are using STP to scale

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3 Ways to Know Your Bank Needs a Digital Lending Platform

3 Ways to Know Your Bank Needs a Digital Lending PlatformThe global digital lending platform market was worth $5.58 billion in 2019. The lending platform market size has already grown quite a bit as fintechs like Biz2X, nCino, Temenos, Fiserv and others have led a shift away from traditional lending. But the market is likely

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The Most Important Features of SBA Loan Origination Software

For small banks and independent community banks, becoming an active SBA lender offers the potential to increase your bank’s profitability while also providing better service to your small business customers. Created to serve small business owners who can’t obtain loans elsewhere, SBA loans are a valuable source of capital to power entrepreneurs and increase your

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Why Banks Should Adopt White Label Lending Platforms

In the new normal of post-pandemic lending, lenders are challenged to find new and more efficient means of serving small businesses clients. The answer has proven to be in digital lending. Yet internal debates of buy-versus-build continue to slow progress. A recent survey by Greenwich Associates found that 1 in 5 companies said that the

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The Top Business Banking and Digital Lending Trends in 2021

For small businesses, banks, and the other lending sources that serve them, 2020 was a particularly tumultuous year. The coronavirus rampaged through the country, leaving very little — including business banking — untouched. Banks were transformed by the pandemic—creating, reinventing, and embracing new practices and systems on-the-fly. This impacted business banking solutions, altering the digital

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PPP Forgiveness Software: What Advantages and Drawbacks Should Lenders Know About?

The Paycheck Protection Program (PPP) Extension Act of 2021 was easily passed by both houses of Congress; the Senate approved it 92-7 and the House voted 415-3 in favor of the bill. President Joe Biden signed the extension into law on March 30, extending the deadline for PPP to May 31 from March 31. The

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Will Loan Origination Software Make 2021 Your Year?

From application processing and third-party data gathering to AML/KYC compliance and decision-making, the right loan origination software can help small lenders crush it in the second-generation PPP loan market. Learn how to extend your customer-winning streak into 2021 and beyond. The Wall Street Journal recently conferred the honorary title of “economic first responders” on local

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Why Top Lenders Chose Not to Build a PPP Platform In-House

The digital age, especially since the onset of the COVID-19 pandemic, has certainly made it easier to access knowledge that helps us reach our goals independently and on our own terms. As a result, it has become easier for bankers and lenders to feel that they can build a DIY solution to many different problems

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How to Make Digital SBA Lending Your Secret Weapon in 2021

The year 2020 was a watershed in the lending industry; the pandemic irreversibly changed the playing field for SBA lenders. Gone are the days when a “time to decision” for SMB loans of three to five weeks is acceptable. In a fast-moving economic environment, some businesses need funds through programs like the Paycheck Protection Program

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How Do they Do that? Instant Loan Decisioning Explained

Automated loan origination software helps banks and credit unions make near-instant decisions about small business loans. Here’s how it works. How Banks and Credit Unions Can Use Automation to Streamline Loan Origination Today’s unprecedented market pressures are forcing banks and credit unions to change the way they make loan decisions. Small and midsized businesses (SMBs) urgently

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The SBA’s New PPP Interim Final Rules: What Lenders Should Know

The SBA’s New PPP Interim Final Rules: What Lenders Should Know When the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, (Economic Aid Act or EAA), passed on December 27th, 2020 as part of the government spending package, the legislation specified that the SBA had to give guidance within ten days of enactment

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PPP Lending in 2021: How Banks Can Make the Most of a Second Shot to Serve Small Businesses

Congress has passed a $900 billion COVID-19 relief bill by an overwhelming margin – the Senate passed it 92-6 – and President Trump signed the bill on December 27, 2020. It will send qualifying Americans $600 stimulus checks after the first payment came in at $1,200. The package sets aside $325 billion for small businesses,

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Why Banks Lost Small Business Customers Because of PPP Lending

By Karen AxeltonPaycheck Protection Program loans represented to many financial institutions an opportunity to support small business. The outcome was just the opposite for many banks, as their handling of PPP loans cost them those same small business customers.  What caused customer churn during the lending process of PPP, and how can banks win back

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PPP Forgiveness FAQs: Answers for Banks and Credit Unions Processing Forgiveness

Small businesses that accepted SBA Paycheck Protection Program (PPP) loans to help survive the  COVID-19 pandemic are now submitting applications for PPP Loan forgiveness to their lenders. As banks scramble to transition from loan origination to loan deferment and forgiveness, they face new challenges and many questions. PPP launched on April 3, 2020, as part

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A New Look at Biz2X: Why We Rebranded

We have a new look at Biz2X, and that’s just the beginning. Biz2X is the culmination of over 13 years of small business funding experience. Refined into a seamless platform, brands rely on our lending software for risk analytics, compliance and strengthening relationships with customers. The new look for Biz2X symbolizes our redoubled commitment to

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Top 7 Things to Consider When Choosing a Business Lending Platform

Finding the right business lending platform for your financial institution can be a grueling process — but it can be made easier if you know what makes for a good platform. Here’s why looking into a business lending platform might make sense for your financial institution, and the 7 key criteria to keep in mind.

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Lessons Learned from PPP for Business Lending Software

The scale of Paycheck Protection Program (PPP) lending forced old banking institutions to learn new tricks—including how to use new types of business lending software. Regional banks and credit unions competing with bigger lenders for commercial loan customers quickly discovered the right lending software could give them an edge in serving small business owners seeking

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Think You Know Who’s Disrupting the $1.4 Trillion Business Lending Market? It’s Not Who You’d Guess

A small New York financial technology firm is poised to change the way financial institutions lend money to businesses, forever. This game-changing tech company has big ideas that are transforming the very essence of business lending. The COVID-19 pandemic has exposed a number of weaknesses and inefficiencies inherent to the traditional model of business lending.

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Biz2X Launches Accelerate SBA

Biz2X Launches ‘Accelerate SBA’ for Banks to Start Lending via CARES Act The United States Congress has passed the CARES Act to combat the financial strain caused by the novel coronavirus (COVID-19). President Trump has signed into law an unprecedented $2.2 trillion economic stimulus plan. $350 billion is earmarked for small businesses in the form

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How Banks and Credit Unions Can Be Ready for PPP Loan Forgiveness

Bank and Credit Union FAQs and 3 Tips for Success Banks and credit unions face new challenges of scale including efficient client relations, know your customer (KYC), distribution of funds and servicing loans all brought on by the Paycheck Protection Program (PPP). The PPP Loan program has involved more SBA-backed loans in just over two

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Biz2Credit Ranked on Deloitte Technology Fast 500

Biz2Credit CEO Rohit Arora credits rapid advances in technology and a track record of success in the FinTech small business lending space with the company’s 242% revenue growth.

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Popular Bank streamlines small business lending with Biz2Credit

Popular Bank in New York has contracted with Biz2Credit to use its software for automating commercial loan approvals and to outsource the underwriting of certain small-business loans

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Biz2Credit Announces Partnership With Australian Finance Group

Online resource for small business finance, Biz2Credit, announced on Tuesday it formed a new partnership with Australian Finance Group