Biz2Credit will offer its Biz2X Accelerate SBA platform free of charge to banks and credit unions with assets under $10 billion that are offering Paycheck Protection Program loans.
“We want to make sure that small banks around the country can get money into the bank accounts of small businesses in a timely fashion,” Rohit Arora, CEO of Biz2Credit and Biz2X, said. “Numerous banks and credit unions are struggling to respond to the demand for PPP funding by small business owners. Many of them need support to actually process loan applications quickly and get funding into the hands of struggling business owners as soon as possible.”
The PPP was launched by the Small Business Administration and the Treasury Department on April 3.
“Now many regional and community banks are scrambling to catch up to some of the big banks that have gotten off to a head start,” Arora said. “Biz2X Accelerate SBA helps banks of all sizes process these PPP loans quickly and securely. The platform is ready to launch in just 24 hours when a bank signs on.”
Benefits of Biz2X Accelerate SBA include:
- A PPP digital application experience to upload, submit and e-sign required documentation for borrowers
- The ability to merge applications already collected by banks during the first week of the PPP into the platform
- Auto-retrieval and verification of required payroll, tax and financial data
- A banker dashboard that includes a payroll calculator
- Electronic application submission via SBA E-tran
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On April 13, Biz2X will host a webinar demonstration to walk banks through how to use the platform. The presentation will be repeated on April 15.
“With existing clients already launched on Biz2X Accelerate SBA, and two dozen banks in late-stage discussions to use the platform, we encourage banks and credit unions who need these lending capabilities to meet the June 30 CARES Act filing deadline to speak to us soon about the cost-free option we have introduced,” Arora said.
