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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
The Problem
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.
Tap into the full potential of automation, and process SBA loan applications in minutes, not days.
Lateetud, in partnership with SS&C 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 SS&C Blue Prism, Microsoft Power Platform and Azure Form Recognizer to automate the entire end-to-end PPP loan origination and forgiveness process, resulting in:
- Expedited Processing – Validate, calculate, record, submit, and track requests in minutes, not days.
- Business Transparency – Generate real- time reporting and insight into processing time, staff utilization, case status and load.
- Content Intelligence – Convert unstructured documents into structured, usable content for further processing.
- Increased efficiency – Execute fast and accurately with a digital workforce complementing existing employees.
- Full Case Management – Orchestrate unpredictable circumstances to achieve optimal outcomes and efficiencies.
- Production-ready Deployment. Set up in days, on-prem or in your existing cloud platform of choice (Azure, AWS, Google).
- Enterprise security & scalability – Maintain a full audit trail, 100% compliance & accuracy.
- Web and mobile customer front-end – Collaborate with customers and lending staff efficiently via intelligent chatbot.
SBA PPP Loan Application Workflow
Case Study | Bank Leverages SS&C Blue Prism Digital Workforce to Save Jobs
Challenge
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.
Solution
The bank leveraged SS&C Blue Prism Intelligent Automation to automate the entire loan application and submission process.
- Small business owners submit their loan applications to the bank via Docusign
- SS&C Blue Prism Digital Workers retrieve the relevant documentation, including pdfs, and send them to ABBYY for data extraction
- Digital Workers verify the application using a combination of AI and RPA
- Once verified and approved, the Digital Workers submit the application to the SBA via E-Tran
Value Realized
- Loan processing complete in two minutes
- Digital Workers operate 30 times faster than the manual process
- Thousands of jobs saved due to employers quickly receiving PPP funds
Interested in Learning More?
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