Audit, consulting, tax and advisory services Deloitte has formed a new partnership with no-code enterprise application platform Unqork to launch a fully-managed small business lending service. According to the duo, this service will enable small business lenders to “streamline” the distribution of loans to small businesses in need of relief as a result of the COVID-19 pandemic. The service also conforms to the requirements of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
While sharing details about the service, Rabih Ramadi, head of Financial Services at Unqork, stated that the CARES act is an attempt to help small businesses, but the challenges of processing $349 billion of loan volume in a few weeks has exposed the inadequacy of the technology platforms currently servicing the small business loan market. He further explained that the service Unqork and Deloitte are providing will addresses these inefficiencies by quickly getting small businesses the economic relief they need.
Unqork and Deloitte are also partnering with Plaid to provide the fully digital turnkey solution with pre-configured business processes, operational resources, and compliance controls. The platform will offer real-time validations, integrations with data providers, along with comprehensive underwriting and servicing capabilities for lenders. Lowell Putnam, Head of Partnerships of Plaid, spoke about the collaboration by adding:
“The Unqork and Deloitte service incorporates several Plaid products to allow lenders to quickly process CARES Act loans while complying with guidelines. Ultimately, this can help speed the delivery of relief funds to more businesses.”