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 of loan guarantees by the Small Business Administration (SBA).
Banks and credit unions will have the ability to facilitate this record-setting volume of small business loans by providing much needed relief funding to businesses in need. The ability to efficiently assess, process, and deliver funds quickly will separate the banks who thrive and build long-term relationships from those who are unable to meet market needs.
Expect high lending demand
There are 30.2 million small businesses in the US. All of them have been significantly impacted, with COVID-19 now economically affecting one out of every two Americans.
All businesses with 500 employees or less will qualify for SBA guaranteed loans, with few exceptions. Financial institutions will need technology that can scale to this level of demand. Lenders should be prepared with digital experiences, automated workflows, risk assessment, and portfolio monitoring. Biz2X has now launched Accelerate SBA to respond to this critical situation.
Meet demand with Biz2X Accelerate SBA
Biz2X is here for banks and credit unions, enabling them to meet the urgent needs of their clients. Already launched for select Biz2X clients, Biz2X Accelerate SBA is the digital solution bankers need to keep up with demand and process loan applications in record time.
Biz2X Accelerate SBA is backed by the full power of the Biz2X Platform and draws on 12+ years of Biz2Credit’s SBA lending experience. The platform delivers a modern omni-channel customer experience paired with best-in-class risk tools for bankers. Biz2X Accelerate SBA supports all loan types authorized by Congress under the CARES Act.
The platform delivers what lenders need:
- Quickly and securely deployed in the cloud with SOC-2 certification
- Built-in 3rd party data integrations including IRS, credit bureau, and financial data
- Automated decisioning engine to efficiently process loan applications
- Identify and calculate payroll-related expenses via statement data
- SBA rules-driven logic queues up forms required for special circumstances
- Omni-channel customer service portal for bankers to track applications
Accelerate SBA is a complete white-label platform that can give your bank or credit union the digital advantage to serve your clients and showcase your brand.
With existing partners already signed up to launch Biz2X Accelerate SBA in the coming weeks, we encourage banks and credit unions who need these lending capabilities to meet the June 30th CARES Act deadline to contact us now.