Community banks prepare for the second tranche of SBA PPP loans with a “plug-and-play” FinTech solution for automating loan applications.

This article was originally published on BusinessWire.com.

ATLANTA, GA – April 17, 2020, FINSYNC, Inc., a leading provider of payment technologies and cash flow management software, continues its momentum in partnering with small and local lenders to provide their business borrowers with significantly faster loan processing and funding for the SBA’s Payroll Protection Program (PPP) via a “plug-and-play” online loan application and Lender’s Portal.

“The first $349 billion was applied for and allocated in less than 14 days because speed of processing is the key to this first-come-first-served funding for small businesses,” said Eddie Davis, Sr. VP Sales & Operations. “Now Heritage Bank is well prepared to service all of their small business customers by taking the strategic step of adopting our technology.”


Heritage Bank Partners with FINSYNC

“When the Covid-19 crisis hit, and the CARES Act passed, we knew we needed to get engaged and help our customers with the relief that’s available to them through SBA’s Payroll Protection Program (PPP),” said David Crow, Clayton County President, Heritage Bank. 

“We put people and processes in place and have been working around the clock to keep up with demand. Now that the SBA has, hopefully just temporarily, halted approving new loan applications, we are ramping up efforts internally to support this program more efficiently so when the SBA resumes funding, we’ll be ready to take care of our customers more quickly.” 

“We picked FINSYNC because it truly is ‘plug-and-play.’ We were up in minutes, and it’s the only solution we could find that helps with customer onboarding, loan processing, document management and loan forgiveness tracking,” added Crow.  

Lincoln Parks, Director of Innovation& Innovation Strategy for Heritage Bank noted, “Thankfully, digital transformation has been top of mind and was already underway for Heritage Bank. When the COVID-19 crisis hit, accepting PPP loan applications remotely became my number one priority.” 

“We found FINSYNC’s electronic loan application and connected Lender’s Portal to be the right solution at the right time to help our clients get the funding they need,” Parks continued. “It also represents an opportunity to stay connected with our customers online, and be there for them for future financing needs.” 

PPP Application Program Details

In addition to giving banks and credit unions the ability to process Paycheck Protection Program loans online, FINSYNC’s solution simplifies workflow and document management for both banks and their business clients. The simple deployment process can be accomplished in less than 24 hours. FINSYNC’s solution includes:

FINSYNC-Powered Online PPP Application

  • Simple, secure online PPP application that is easy to use and intuitive 
  • Helpful payroll cost calculators and other resources that help applicants complete the process correctly the first time 
  • Secure portal for uploading supporting documentation 
  • Applicants receive free tools to track and report on forgiveness eligibility

FINSYNC-Powered Lender’s Portal

  • All applications and supporting documentation are routed to the lender’s own portal 
  • Notifications of new applications and status changes are delivered electronically 
  • Built-in workflow tools guide lenders from loan processing through funding and forgiveness tracking 
  • Lenders receive assistance submitting files through the SBA’s ETran system 

Deploying FINSYNC’s PPP loan application and Lender’s Portal requires no IT investment nor integration. The “plug-and-play” solution is designed to assist banks in helping their customers get funded more quickly and easily. 

Now is the Time for Banks to Prepare for the Next Wave of PPP Funding

In these uncertain times, many relationships between small businesses and their financial institutions are being tested. Businesses that were unable to secure funding in the first round of PPP funding are widely dissatisfied with their financial institutions, who they feel did not do enough to help them access the funding they so desperately need. 

Community banks and credit unions have an opportunity to better meet the needs of their business clients by being prepared with a streamlined electronic PPP loan application that clients can access the moment additional funds are released. Financial institutions that can help their clients in their hour of greatest need will strengthen these relationships well beyond the time of COVID-19.

Banks and credit unions can leverage FINSYNC’s custom application for the PPP loan in minutes here: https://www.finsync.com/network/banks-and-credit-unions/

About FINSYNC, Inc. 

FINSYNC is the only all-in-one payments platform that helps businesses centralize control of cash flow, automate accounting, and get in sync with the right banker and financial professional at the right time. 

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Contact info: 

Karsyn Meurisse 

Marketing Programs Manager 

(800) 699-6484

[email protected]