This post was originally posted on BusinessWire.com.
First Reliance Bank goes from signup to streamlined processing on the same day with FINSYNC’s free online loan application and lender’s portal.
ATLANTA, GA – April 15, 2020, FINSYNC, Inc., a leading provider of payment technologies and cash flow management software, is partnering with small and local lenders to provide their clients 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.
“Our PPP loan processing solution enables banks and credit unions to get more businesses funded quickly, and we are offering it at no charge,” said Eddie Davis, Sr. VP Sales & Operations. “FINSYNC’s plug-and-play solution can be deployed in minutes and makes life easier for businesses applying for funding, and for lenders that are processing their applications.”
First Reliance Bank Teams up With FINSYNC
Financial institutions like First Reliance Bank are partnering with FINSYNC to meet their small business clients’ needs and streamline the application process.
“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.”
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’s 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.
Meeting Growing Demand
As of April 14, the SBA has approved 1.1 million PPP loan applications worth $263 billion in credit extended through nearly 4,700 lending organizations. Congress is currently negotiating an additional $250 billion in relief to meet demand.
The average loan amount to-date has been approximately $240,000, which covers a typical small business with payroll costs of nearly $100,000 per month for around 15 employees. The average loan amount will likely trend downwards as funding continues and younger, smaller companies who are developing a new relationship with their bank or credit union apply for relief.
Lenders looking to grow have a unique opportunity to leverage FINSYNC’s PPP solution to meet their clients’ pressing needs and help small businesses with timely access to capital. In addition, lenders can connect with these clients through the Lender’s Portal when they need additional capital as the economy begins to recover.
Banks and credit unions interested in leveraging FINSYNC’s custom application for the PPP loan can get started in minutes here:
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.
Marketing Programs Manager