Banks and credit unions can embed this portal on their websites to enable their customers to apply for loan forgiveness right on their website from the comfort of their home or office.
Pulling from decades of loan application, document exchange, and e-sign experience, Epic River's SBA Loan Forgiveness workflow includes:
- Easy step-by-step walk-through of the SBA Forgiveness Application
- Intelligent document preparation and SBA submission
- Support for both full and EZ loan applications
- Automated request and storage of supporting documentation
- E-sign SBA forms as well as any supporting custom documents
- Loan presentation for legal review and diligence
- Secure long-term storage of loan data, e-signed SBA application form and supporting documents
The SBA reports that, as of the end of May, 44 percent of all PPP Approved Lending was from lenders that have less than $10 billion in assets. That represents almost $223 billion in stimulus funding.
"Community banks and credit unions were instrumental in getting the funding provided by the Payroll Protection Program into the hands of businesses across the country," said Jeff Grobaski, CEO at Epic River. "We are now doing our part to make sure those local financial institutions can navigate the legal, risk and compliance challenges presented by PPP Loan Forgiveness while keeping the small business customers happy."
The experience Epic River gained while deploying its electronic loan closing platform to over 1,500 banks, ensures financial institutions are able to mitigate the often lengthy contracting, vendor management and risk assessments to ensure they have a solution in place by the time their customers need it
About Epic River
Since 2005, the Epic River Platform™ has provided new banking concepts and better customer experiences to community banks and credit unions. Epic River brings together a community financial institution's low cost of capital with our innovative platform to compete with the high-convenience and high-cost offerings of non-bank financing providers. Community banks and credit unions running on the Epic River platform are able to provide better loan terms, lower cost of closing and unsurpassed convenience to customers to improve the financial wellbeing of the community in which they live and work. The Epic River platform also powers the Finastra eSignature solution, ProSign Online, to provide our customers with a simple, secure and compliance-centric electronic document signing and delivery platform. For information, visit http://www.epicriver.com.
SOURCE Epic River