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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

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

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

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,

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

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

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

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

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

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.