ACAP has announced that it signed a deal to use Biz2Credit’s Biz2X PPP Forgiveness Platform to help it process the Payment Protection Program (PPP) loans. ACAP is a Small Business Administration (SBA)-approved non-bank lender and national loan aggregator of the PPP loan,
What will this do? Through the platform, ACAP will be able to process its current portfolio of 22,000 loans. It will also help it to work towards processing further 100,000 loans by the end of 2020. Moreover, the system is going to reduce the application processing time by up to 75% because it allows users to quickly learn and operate the software. The efficiency gains come from automation features such as electronic submission to the SBA’s systems without manual entry.
ACAP and The Loan Source will also use Biz2X for loan originations if and when the federal government launches another round of the PPP (PPP 2).
- Out-of-the-box configurability for lenders, who can set up the platform quickly with customized branding and decision rules
- Borrowers will 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 allowing the entire program to be managed in one place
- Auto-retrieval and verification of required payroll, tax, and financial data
- Banker dashboard with PPP payroll calculator to reduce review time, paperwork, and manual entry
- Being able to submit applications electronically through the SBA’s Colson system.
The Launch of Biz2X Accelerate
Early in AprilBiz2Credit launched its Biz2X Accelerate platform. This was for existing Biz2X clients and Biz2Credit lending partners who were able to process PPP loans. Now that PPP loan forgiveness is a priority for lenders, the platform has been extended. Furthermore, it will incorporate the capabilities required to process forgiveness applications as well.
Biz2Credit expects to increase the volume of funding requests processed by up to five times the current rate.
The technology will help not only speed up the onboarding process but also provide clarity on the provisions on PPP. This will also include the eligibility of applicants. Additionally, the platform will add an extra layer of security to the application process.