Numerated Brings Enhancements to SBA 7(a) Express Digital Lending Solution, Removing 75% of the Work for Lenders
Numerated, the fast-growing fintech making business banking easy for financial institutions and their clients, has launched enhancements to its digital lending solution for the Small Business Administration's 7(a) Express program.
BOSTON, June 29, 2021 /PRNewswire-PRWeb/ -- Numerated, the fast-growing fintech making business banking easy for financial institutions and their clients, has launched enhancements to its digital lending solution for the Small Business Administration's 7(a) Express program. The new SBA-compliant features help banks and credit unions maximize lending efficiency in the resource-intensive program, and are built off the recent feedback and success originating hundreds of thousands of SBA loans.
Numerated's digital lending solution reduces the work involved in SBA 7(a) Express lending by 75 percent by digitizing the entire process from application to decisioning to closing. The solution enforces SBA policies and includes all required SBA forms, API integrations, and loan closing documents to speed lender time to value.
"Businesses are far more aware of 7(a) Express loans following the Paycheck Protection Program's (PPP) success. But done manually, the program still carries high administrative costs for lenders," said Dan O'Malley, co-founder and CEO of Numerated. "Our goal is for Numerated to handle all of the legwork and back and forth between the SBA, lenders and businesses by using data, APIs, and process automation. The enhancements we launched today are for lenders that want to make 7(a) Express as efficient as possible for their institution."
Numerated is the leader in SBA digital lending, with financial institutions using the platform to process 8 percent of 2021 PPP loans and 10 percent of all 7(a) loans prior to the PPP. Numerated removes complexity, lowers administrative costs, and reduces risk in ensuring a strong guarantee for 7(a) Express loans. Enhancements Numerated launched today include:
- Intuitive guided application experience to increase conversions and enforce SBA policies;
- Recommended offers based on SBA-compliant eligibility and pricing to speed reviews;
- Auto-generated, execution-ready SBA forms and loan documents to save 3-4 hours at closing.
Banks and credit unions can begin originating 7(a) Express loans using Numerated in as few as 8 weeks, allowing them to benefit from the SBA's 2021 7(a) Express incentives. Incentives include waived fees, increased loan caps to $1 million, and increased guarantees to 75 percent.
Visit http://www.numerated.com to learn how Numerated takes the work out of SBA lending.
About Numerated
Numerated is the fast-growing fintech making business banking easy for financial institutions and their clients. Banks and credit unions use Numerated's digital lending platform to meet business expectations for digital convenience and to bring efficiency gains to their internal teams. The platform is unique in its use of data to streamline the origination of any business banking product, from application to decision to close. More than 400,000 businesses and 30,000 financial institution associates have used Numerated to process $50 billion in lending. The company was recently recognized as one of 2020's Top 250 FinTechs by CB Insights and 2021's Best Overall Business Lending Company by FinTech Breakthrough.
Media Contact
Sal Trifilio
(781) 473-0690
[email protected]
Media Contact
Sal Trifilio, Numerated, +1 (781) 473-0690, [email protected]
SOURCE Numerated
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