FINSYNC has created a simple way for banks and credit unions to enable their business customers to apply for loans completely online. In our latest video, Eddie Davis provides a thorough walkthrough of FINSYNC's Plug and Play electronic loan application solution for banks and credit unions. COVID-19 and the PPP loan process caused the lending market to shift almost entirely online. By necessity, borrowers had to apply for PPP loans electronically, and lenders had to serve that need electronically. In many cases, behind the scenes was an extremely manual process. People were up late at night using all kinds of methodology for workflow management and collecting documents, and all of these processes were created and developed on the fly. Borrowers realized that it is possible and desirable to complete application workflows with their bank electronically. This video is about how Banks can deliver on that value proposition outside of PPP loans and forgiveness and transition to a completely digital, traditional electronic business loan application process. [embed]https://www.youtube.com/watch?v=71aAS7D4kYw[/embed]

The Borrowers Experience

When financial institutions implement FINSYNC's tools, we provide borrower intake forms. The intake form has your logo featured prominently, and we also support traditional types of loans on our loan applications.  Our lender's portal is a co-branded experience, and we provide a unique URL for you. So, where you see "modern lender" in the URL in the video, that's where your financial institution's name would be. That makes it easy for you to direct people from your business-facing portions of your website, your emails, and other marketing campaigns to be sure that your customers can easily get to your lender's portal page. The traditional financing section lists the types of loans you can create. These are the "purposes," and you can create as many loan products as you wish within the portal. The borrower works through the various tabs to collect their information and set up their account. Then, they are given access to the portal. Once the borrower has access to the portal, they can submit documentation to your team if required as part of that particular loan product process.

The Lender’s Experience

Your team of business Bankers will log in to their portal and process loan applications through your internal vetting process through to funded and then payment. You set up the portal by listing the loan products that you offer. You will go through an intake form to set up each new product. Then set the pre-qualification guidelines that the application will then display. When you receive a loan application, you will receive a notification. The application will then either be rejected out of hand if you feel that it's fraudulent or if it's not relevant to your institution. Otherwise, the loan application will get worked through the various stages of vetting. The lender's portal is a multi-user environment. Users can assign or unassign themselves, or a specific user can delegate certain tasks to certain team members.

Summary

The FINSYNC Lender's Portal is a complete solution for loan application intake and processing. Any lender can now offer electronic loan applications to their customers—zero core integration required for one low monthly subscription.   Learn more about FINSYNC's all-in-one cloud-based accounting platform.  
As of this writing, the rollout of the SBA PPP (Paycheck Protection Program) is 2 weeks old. From everything we can gather, at this time, hundreds of thousands of "small businesses" have applied for a forgivable SBA PPP loan. The SBA continues to issue "guidance" in the form of Frequently Asked Questions and answers. The headlines continue to ring with negative news about the rollout, including one that says the SBAs computer systems crashed and another that said the SBA is struggling to meet the demand for these loans. That shouldn't surprise anyone, given the speed and size of this program rolled out by the Federal Government. The SBA is responsible for $349 Billion in loans to small businesses, but the banks, credit unions, and other lenders are the entities who have to actually do all the intake for the loans. The SBA PPP is a big, huge, government program, and it's going to have lots of issues. There are more than 30 million small businesses in the United States today. How many of them are suffering in the wake of COVID-19 and the corresponding government shut downs? A LOT! We're trying to make the process a little easier on everyone.

The All Encompassing SBA PPP Guide (free download)

We've created a simple, but thorough guide to the process from the borrower's (small business) perspective, answering the following questions:
  • What is the SBA PPP?
  • Who is eligible for an SBA PPP Loan?
  • What can you use these funds for?
  • How much can you borrow?
  • How do you calculate how much you can borrow?
  • What info do you need to apply for an SBA PPP Loan?
  • What amount of the loan is forgivable?
Download the PDF guide here.

SBA PPP Explainer Videos

You can download and read the guide, or get the shorter (slightly more entertaining) version in this video on youtube. It literally answers exactly the same questions as we've listed above. Also, we're sharing more videos almost on a daily basis as we learn things that will help both borrowers and lenders.

Calculate Your Average Monthly Payroll Costs

We've published a calculator (MS Excel & Google Sheets) for small businesses to use to calculate their average monthly payroll costs and to give to their lender to provide thorough documentation of their average monthly payroll costs. You input your numbers, and the calculator generates your maximum loan amount. Remember, the SBA PPP  help small businesses through about 2 months or so of payroll to keep employees employed, so your business can stay in business after the pandemic has ended.

Apply for sba ppp loan online

We've created (what we believe is) the easiest online SBA PPP application in the world! OK, let's not get carried away, but it's really good. So, if you're a small business, you can apply using our online application. If you're a lender of any kind, and you're struggling with the volume of applications, you can adopt ours. We made the process plug and play for lenders, really easy to get started, and we're standing by ready to help you get onboarded so you can accept more applications and fund more loans. Apply online for an SBA PPP Loan here.

Virtual accountants and bookkeepers to help you

Finally, last year, we rolled out our virtual accounting and bookkeeping services, and we've got a network of over 400 vetted accountants and bookkeepers ready to go to help you get through this application process. We base our matches for you  on these criteria:
  • Budget
  • Proximity
  • Industry
  • Experience
  • Accounting Needs
  • Business Objectives
  • Bookkeeping Requirements
It's free to get matched. You only pay your new virtual accountant or bookkeeper if you both agree to work together. You can complete the signup in just a few minutes. Get your PPP loan done right with the help of one of these professionals. The CARES Act is a $2 TRILLION program. The SBA PPP is offering $349 Billion in forgivable loans to help small businesses stay in business. These programs are huge, so expect some bumps in the road and a headache or two, but we are here to help you get through it easier and faster.
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