Biz2X Launches SBA Lending Platform for Banks to Start Lending

NEW YORK, March 30, 2020 (GLOBE NEWSWIRE) — Biz2Credit, the leader in online financing for small businesses, today introduced Biz2X Accelerate SBAa platform that enables banks and other financial institutions to efficiently respond to the influx of loan applications from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the landmark CARES Act stimulus package.

On March 27, 2020, President Trump signed the CARES Act to rescue small businesses facing tremendous financial strain caused by the novel coronavirus (COVID-19). As part of the $2.2 trillion economic stimulus package, $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 a critical position to facilitate the record volume of small business lending that will come from the CARES Act,” said Rohit Arora, CEO of Biz2Credit and Biz2X, one of the nation’s top experts. in financing small businesses. “The ability to quickly assess, process and deliver funds efficiently will separate successful lenders from those unable to meet market needs.”

Biz2X Accelerate SBA is backed by Biz2Credit’s over 12 years of SBA lending experience. It supports all types of loans authorized by Congress under the CARES Act.

The platform offers an omnichannel customer experience combined with the best risk tools for bankers. These capabilities are helping banks meet social distancing requirements during the coronavirus outbreak by allowing loan applications to be processed 100% online.

The platform offers other key features needed for this unprecedented government program:

  • Rapid deployment in the cloud via a secure SOC-2 certified infrastructure;
  • Identify and calculate payroll expenses to determine eligibility for loan forgiveness;
  • Built-in third-party data integrations, including IRS, credit bureau, and financial data;
  • Rules-based SBA logic queues forms required for specific circumstances;
  • Omnichannel customer service portal for bankers to process requests; and
  • A complete white-label user interface that gives lenders the advantage to serve customers quickly and showcase their brands.

“With existing partners already signed up to launch Biz2X Accelerate SBA in the coming weeks, we encourage banks and credit unions to act quickly. Lenders without these capabilities will soon be unable to meet the deadline. June 30 Paycheck Protection Program deposit limit,” Arora said. Lenders interested in learning more can request a demo on the company’s website.

About Biz2X
Biz2Credit’s Biz2X platform offers banks and other financial institutions the ability to streamline their digital loan application processes, better manage risk, and grow their loan portfolios responsibly. For more information, visit Biz2X.com.

Media contact: John Mooney, (908) 720-6057, [email protected]

Comments are closed.