FINSYNC’s plug-and-play PPP loan application and lender’s portal helps community banks meet their client’s lending needs now, and in the future.

By FINSYNC

It only took two weeks for the $349 billion in funding for the SBA’s Paycheck Protection Program to run dry. Launched on April 3, the SBA reportedly approved approximately 1.6 million loans by the time the program ran out of money on April 16. 

Many small businesses were left in the lurch and are unhappy with their financial institutions, which didn’t do enough to help them access the funding they so desperately needed. 

Fortunately, help appears to be on the horizon in the form of an additional $250 to $500 billion in funding that’s currently being negotiated in Congress. And this time around, community banks and credit unions need to be better prepared.

How? By having a secure online PPP application ready to offer small business clients the second additional funds are made available. 

Banks and credit unions that partner with FINSYNC will not only get access to a streamlined platform to accept, process, underwrite, fund and service PPP loans, but will also be able to track forgiveness and support their clients’ future financing needs with an electronic loan application that provides easy processing and quick decisions.

FINSYNC’s Plug-and-Play PPP Solution

No IT investment nor integration is required when you adopt FINSYNC’s all-encompassing solution, which takes a mere 20 minutes to set up. During the first round of PPP funding, institutions like First Reliance Bank got up in running in hours and processed more than 80 loan applications in short order. 

“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.” 

FINSYNC’s platform gives banks and credit unions the immediate ability to process Paycheck Protection Program loans online, which dramatically simplifies workflow and document management for both banks and their business clients. In addition, FINSYNC is one of few platforms that provides forgiveness tracking and financing help beyond the PPP.

Helping Community Banks and Their Clients

Small businesses that are accustomed to a rigorous business loan application process that tends to involve endless emails, faxes and phone calls are provided with a streamlined, secure electronic loan application that can be completed from the comfort of their home in less than a half hour.

Tools like payroll cost calculators help confirm eligibility, and applicants also have access to trained advisors should they need additional help. In addition, small business applicants get free access to FINSYNC’s cash flow analytics, and can track their loan forgiveness eligibility online.

The benefits for banks and credit unions that adopt FINSYNC’s electronic PPP loan application go beyond convenient online loan processing. The secure lender’s portal makes processing loan applications incredibly efficient with a built-in workflow to expedite funding, electronic notifications, tools to track forgiveness, and ETran assistance. 

Solidify Your Lending Relationship Beyond PPP FUNDING

Lenders that use FINSYNC’s portal to help their clients receive funding when they need it the most will also have the ability to easily meet their future financing needs. The lending portal gives lenders tools to quickly analyze a business’ financials and assess its ability to repay the loan using advanced analytics.

Charts and calendars are provided to help lenders understand a business’ past and projected cash flow and efficiently make loan decisions. Lenders within FINSYNC’s network can also share loans with other banks, credit unions and lenders that work in concert to approve and fund more loans. 

In these uncertain times, many relationships between small businesses and their financial institutions are being tested. Banks that show up for their clients in their hour of greatest need will strengthen these relationships well beyond the time of COVID-19. 

Get started with FINSYNC’s plug-and-play PPP solution in a matter of minutes.