Banks like First Reliance are finding a faster, easier way to serve their business clients by teaming up with FINSYNC to process Paycheck Protection Program loan (PPP loan) applications online.
From the moment the government earmarked $349 billion in payroll relief (rumored to be expanded with another $250 billion) and flipped the switch for small businesses to start borrowing, banks of all sizes were overwhelmed with Paycheck Protection Program loan applications. Meanwhile, the federal government’s guidance about how these loans should be administered has been, at best, confusing.
Needless to say, the Paycheck Protection Program is popular. Banks should expect nearly all of their small business clients to apply in the next round. If they haven’t already. As of April 16th, the SBA has approved 100% of the initial $349 billion allocated to PPP. An additional $250 billion in relief may be released in the coming days.
With a new massive influx of funding on the horizon, the volume of PPP loan applications shows no signs of slowing as small businesses rush to secure relief in the form of forgiven payroll loans.
Online PPP applications powered by Fintech solutions like FINSYNC can turn an overwhelming problem into an opportunity in a matter of 24 hours.
Streamline Loan Processing With Electronic PPP Applications
What if you could process PPP loan applications without piles of paperwork and various documents faxed, filed and emailed to keep track of? Online PPP loan applications powered by FINSYNC streamline the entire process for both you and your clients.
First Reliance Bank, which serves the Carolinas, recently partnered with FINSYNC to offer its business clients an easy way to apply for PPP loans online.
“We were looking for a way to serve our business clients with a streamlined solution for PPP applications that would allow our bank to efficiently process and get funding distributed,” said John Lindley, VP Business Operations at First Reliance Bank. “We deployed FINSYNC’s electronic loan application and Lender’s Portal the day we learned of the solution, and shortly after were getting SBA loan numbers and funding loans.”
Up and running in just 24 hours, First Reliance Bank has already processed more than 80 loan applications. Read more about FINSYNC’s partnership with First Reliance Bank.
How FINSYNC Helps Financial Institutions Offer Online PPP Processing
In addition to giving banks and credit unions the ability to process Paycheck Protection Program loans online, FINSYNC’s solution significantly simplifies workflow and document management. The simple deployment process can be accomplished in as little as a day. All of the legwork is completed for you:
- Get a link to the online application and Lender’s Portal
In a matter of minutes, FINSYNC assigns your financial institution a customized URL that links to the online loan application. You can use this URL immediately on your website, email communications, landing pages and anywhere you’d like to encourage your business clients to “Apply for Financing Online.”
In addition, your institution will get its own Lender’s Portal. An underwriting workflow and analysis tool that lives in the Amazon Cloud. Where you can receive loan applications online.
- Customers are approved for a PPP loan through your financial institution
Your business clients apply for financing online, submit electronic signatures on SBA documents, and upload required documents including proof of payroll costs. The loan offer is determined based on PPP criteria and results are automatically posted in your Lender’s Portal.
- Finalize the application and automatically verify forgiveness eligibility
Once your client has submitted their PPP loan application online, you will receive an email alert that all documents are ready for your final review, approval and filing with the SBA. FINSYNC will provide free forgiveness eligibility tools shortly.
Electronic PPP Loan Processing Benefits Both Banks and Clients
As easy as FINSYNC makes it for banks and credit unions to process PPP loans online, the application process is equally simple for small businesses. Providing a streamlined loan application process will not go unnoticed by small business clients as they navigate these trying times.
Once small business owners have gathered their payroll data and supporting documents, completing the online application generally takes less than 30 minutes. FINSYNC’s platform provides applicants with online calculators that help them confirm their eligibility. Also gives them access to trained advisors if they need additional help.
Applicants sign all documents electronically and upload supporting documentation to expedite the application process. Funds are direct-deposited into the applicant’s account once the loan is approved. Your clients also get free access to FINSYNC’s cash flow analytics, and can track their loan forgiveness eligibility online.Is your financial institution ready for the next wave of PPP loan applications? Your small business clients are looking to you in this uncertain time. FINSYNC can help you deliver the help they need with a plug-and-play electronic loan application. Join FINSYNC’s Lending Network to get started.