NEW YORK, Sept. 16, 2020 (GLOBE NEWSWIRE) -- ACAP SME LLC, an SBA-approved non-bank lender and national loan aggregator (purchaser) of Paycheck Protection Program (PPP) loans, in partnership with The Loan Source, Inc., ACAP’s servicing team, today announced it has signed a deal to utilize Biz2Credit’s Biz2X PPP Forgiveness Platform. ACAP and The Loan Source will also be using Biz2X for loan originations if and when the federal government launches another round of the PPP (referred to as PPP 2).
By utilizing the Biz2X Forgiveness platform, ACAP and The Loan Source will be processing its current portfolio of 22,000 loans, with a target to process 100,000 loans by the end of 2020.
“Our PPP Forgiveness platform is fully automated and features state-of-the-art machine learning technology that is able to read data from payrolls and bank statements to calculate forgiveness eligibility for the borrower,” said Rohit Arora, CEO of Biz2Credit and Biz2X, one of the country’s leading experts in FinTech and small business lending.
“During PPP, banks and non-bank lenders struggled to keep up with the demand for PPP funding requests from small business owners. Many lenders recognized that they need FinTech support to actually process forgiveness applications quickly and efficiently,” Arora added. “We are proud to partner with ACAP and The Loan Source to help them serve their customers.”
Since PPP lending was launched by the SBA and the Treasury Department on April 3, the program has been hampered by widespread confusion among lenders, who were unclear about key program provisions when the initiative went live.
“The Biz2X Accelerate SBA platform will help us increase the volume of funding requests we process by up to five times as many as we are doing now,” said Luke LaHaie, Chief Investment Officer at ACAP. “Biz2X will help us process these PPP loan forgiveness requests and new loan applications quickly and securely. The platform was ready to launch within a couple of business days after we signed the deal, and it’s highly configurable for our future needs.”
Biz2X Accelerate SBA provides the following benefits:
- Out-of-the-box configurability for lenders, who can set up the platform quickly with customized branding and decision rules;
- Borrowers gain access to a user-friendly PPP digital application experience, with a simplified loan forgiveness process tailored to their business;
- Users can securely upload, e-sign, and submit required supporting documentation;
- Applications already collected by banks during the early stages of the PPP can be merged into the platform, so the entire program can be managed in one place;
- Auto-retrieval and verification of required payroll, tax, and financial data;
- Banker dashboard that includes a PPP payroll calculator and reduces review time, paperwork, and manual effort;
- Electronic application submission via the SBA’s Colson system.
The Biz2X Accelerate SBA platform launched Friday, April 10, to existing Biz2X clients and Biz2Credit lending partners, who are able to process PPP loans through the platform with a fully digital workflow from origination to SBA submission. Now that PPP loan forgiveness is a priority for lenders, the platform has been extended to incorporate the capabilities required to process forgiveness applications as well.
Speed is a key value that banks are focusing on when choosing a platform to use. The PPP process puts a strain on the usual lending infrastructure that most banks rely upon. A lender or servicer using the platform can train staff to utilize Biz2X Accelerate SBA via a self-guided tutorial in about 10 minutes. This allows users to quickly learn and operate software that reduces application processing time by up to 75% (30 mins., rather than taking up to 2 hours). These efficiency gains come from the platform’s many automation features, including electronic submission to the SBA’s systems without the need for manual entry.
About ACAP
Created exclusively to service PPP loans, ACAP is an SBA-approved non-bank partner that provides complete PPP loan servicing solutions. ACAP originates SBA and PPP loans and also purchases loan portfolios outside of PPP. Its team is committed to helping banks reduce future risks and accelerate loan income. ACAP provides white-glove loan servicing, PPP forgiveness support, and robust customer service. For more information, visit www.acapgp.com.
About The Loan Source
The Loan Source is a Small Business Lending company licensed by the U.S. Small Business Administration. The Loan Source has partnered with ACAP to service PPP loans utilizing experts in the field of loan origination and servicing. For more information, visit www.theloansource.com.
About Biz2X
Biz2Credit’s Biz2X platform offers banks and other financial institutions the ability to streamline their business loan processes and better manage risk. For more information, visit www.Biz2X.com.
Contact: John Mooney, Over The Moon PR (for Biz2Credit), 908-720-6057, john@overthemoonpr.com