Small business funding platform Biz2Credit announced on Friday its Biz2X platform is now being offered free of charge to banks and credit unions with assets under $10 billion that are offering CARES Act Paycheck Protection Program (PPP) loans.
As previously reported, the Biz2X platform enables banks and other financial institutions to efficiently respond to the influx of loan requests from small businesses seeking to take advantage of the PPP loans. The platform delivers an omni-channel customer experience paired with best-in-class risk tools for bankers. Key capabilities of the platform include:
- Deployment in the cloud via secure SOC-2 certified infrastructure
- Identify and calculate payroll-related expenses to determine eligibility for loan forgiveness
- Built-in third-party data integrations including IRS, credit bureau, and financial data
- SBA rules-driven logic queues up forms required for special circumstances
- Omni-channel customer service portal for bankers to process applications
- A complete white-label user interface that gives lenders the advantage of serving clients quickly and showcasing their brands
Biz2Credit and Biz2X CEO, Rohit Arora, recently stated that both banks and credit unions are in the critical position of facilitating the record-setting volume of small business loans that will come through the CARES Act.
“The ability to efficiently assess, process, and deliver funds quickly will separate the lenders who thrive from those that are unable to meet market needs.”
The new platform will be providing free access to community banks and credit unions through June 30th. Any lender with an asset base of under $10 billion has no up-front cost to use loan platform.