Citizens Bank of Edmond announced on Wednesday it has teamed up with MX, a bank, credit union, fintech digital platform to launch a new Paycheck Protection Program (PPP) loan portal for the bank’s small business customers. According to Jill Castilla, President and CEO of Citizens Bank of Edmond, the platform will be used for the second round of stimulus funds for small businesses.
The upcoming round has been announced days after the first round tapped dry. The U.S. Senate voted unanimously to approve of additional funding for the program, with President Donald Trump announcing on Twitter he will sign the bill after the House casts its vote. The program is part of the CARES Act, which was launched in response to the COVID -19 pandemic.
According to Citizens Bank of Edmond, the new portal removes the need for loan officers to manually re-enter loan applications, reducing potential input errors and delays in funding. Through the admin portal, loan officers may track the volume and status of all PPP loan applications to ensure that loans are approved and dispersed in a timely manner. While sharing more details about the partnership and platform, Brandon Dewitt, Co-founder and Chief Technology Officer at MX, stated:
“Together with Citizens Bank of Edmond, we’re able to speed up the loan application process by providing small business owners with a self-service portal to apply for PPP loans, and providing loan officers a way to quickly approve and automatically submit applications for thousands of small business owners.”
“Speeding up the loan application process for small businesses can mean the difference between these businesses surviving and thriving or closing their doors and laying off employees.”