ACAP, an SBA-approved non-bank lender and national loan aggregator of Paycheck Protection Program (PPP) loans, announced on Wednesday it has signed a new deal with Biz2Credit to utilize the Biz2X PPP Forgiveness Platform. ACAP reputed that it and its servicing team The Loan Source will be able to use Biz2X for loan originations if and when the U.S. government launched another round of PPP loans.
“Our PPP Forgiveness platform is fully automated and features state-of-the-art machine learning technology that is able to read data from payrolls and bank statements to calculate forgiveness eligibility for the borrower.During PPP, banks and non-bank lenders struggled to keep up with the demand for PPP funding requests from small business owners. Many lenders recognized that they need FinTech support to actually process forgiveness applications quickly and efficiently.”
Luke LaHaie, Chief Investment Officer at ACAP, then added:
“The Biz2X Accelerate SBA platform will help us increase the volume of funding requests we process by up to five times as many as we are doing now. Biz2X will help us process these PPP loan forgiveness requests and new loan applications quickly and securely. The platform was ready to launch within a couple of business days after we signed the deal, and it’s highly configurable for our future needs.”
Biz2X Accelerate SBA provides the following benefits:
- Out-of-the-box configurability for lenders, who can set up the platform quickly with customized branding and decision rules;
- Borrowers gain access to a user-friendly PPP digital application experience, with a simplified loan forgiveness process tailored to their business;
- Users can securely upload, e-sign, and submit required supporting documentation;
- Applications already collected by banks during the early stages of the PPP can be merged into the platform, so the entire program can be managed in one place;
- Auto-retrieval and verification of required payroll, tax, and financial data;
- Banker dashboard that includes a PPP payroll calculator and reduces review time, paperwork, and manual effort;
- Electronic application submission via the SBA’s Colson system.