The ability to respond and automate at this hyper-level is a game changer and made a real difference in people’s lives. We are closing in on saving around 85,000 jobs and $770 mil in loans secured.Thomas Zernick President, SBA Lending Division, First Home Bank
In response to the global pandemic, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was passed to provide economic relief for American workers, families and small businesses. An additional $284 billion of funding has just been approved and is now available through the Small Business Administration (SBA) Paycheck Protection Program (PPP).
Despite new funding, the demand for loans is unprecedented, leaving many businesses frustrated with the time it takes to process loan applications end-to-end, including filing and receiving timely status updates. To keep up, loan officers are working around the clock to manually review, verify, approve, and enter data into the SBA E-Tran application portal for approval, a laborious, time-consuming, and error-prone process that negatively impacts response times and overall customer experience.
Lateetud, in partnership with Blue Prism and Microsoft, has created a turnkey, SaaS solution to automate SBA PPP loans. Together, we’re helping banks handle the surge in PPP applications, reducing the time spent processing and approving loans from weeks to just a few hours.
This cloud-based solution uses Blue Prism, Microsoft Power Platform and Azure Form Recognizer to automate the entire end-to-end PPP loan origination and forgiveness process, resulting in:
Once funding for the PPP became available, business owners rushed to apply for a loan. But, they quickly became frustrated with how long it took banks to process their requests—and the entire $349 billion would be claimed in weeks so a quick response was necessary.
The bank leveraged a Blue Prism Digital Workforce to automate the entire loan application and submission process.
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