Biz2Credit launched Biz2X Accelerate SBA, a platform aimed to help banks and other financial institutions respond to loan requests from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the CARES Act stimulus package.
Under the $2.2 trillion economic stimulus plan, $350 billion is earmarked for small businesses in the form of loan guarantees by the Small Business Administration (SBA).
“Banks and credit unions are in the critical position of facilitating the record-setting volume of small business loans that will come through the CARES Act,” Rohit Arora, CEO of Biz2Credit and Biz2X, said. “The ability to efficiently assess, process and deliver funds quickly will separate the lenders who thrive from those that are unable to meet market needs.”
The Biz2X platform delivers an omni-channel customer experience paired with risk tools for bankers. The platform allows loan applications to be processed entirely online.
Other features include:
- Deployment in the cloud via SOC-2 certified infrastructure
- Identification and calculation of payroll-related expenses to determine eligibility for loan forgiveness
- Built-in third-party data integrations including IRS, credit bureau and financial data
- SBA rules-driven logic that queues up forms required for special circumstances
- Omni-channel customer service portal for bankers to process applications
- A white-label user interface
“With existing partners already signed up to launch Biz2X Accelerate SBA in the coming weeks, we encourage banks and credit unions to act fast,” Arora said. “Lenders who don’t have these capabilities soon will be unable to meet the June 30 Paycheck Protection Program filing deadline.”