Small Business Administration (SBA) lender Fountainhead recently announced it has signed a new deal to license Bix2X SBA platform for Paycheck Protection Program loans, as well as other SBA programs. Founded in 2015, Fountainhead describes itself as a nationwide direct lender specializing in SBA 504, SBA 7(a), and conventional low-LTV (<65%) loans. The company noted that it delivers commercial lending experiences for its borrowers and referral partners on all of its loan programs.
“We were founded by some of the most well-known, awarded, and experienced people in the SBA industry, so our speed, service and sophistication are second to none.”
Fountainhead reported that the partnership will allow it to offer a fully digital experience for its SMB clients and staff to “streamline” all aspects of its lending process – from application to closing/monitoring. Features of the Biz2X-Fountainhead Partnership include:
- Digital customer dashboard allowing SMBs to apply for PPP loans, as well as all other Fountainhead-offered loan products
- Ease-of-use for Fountainhead staff processing loan applications through a new staff portal available with Biz2X
- Loan decisioning rules that incorporate the latest SBA guidance on lending policies for the Paycheck Protection Program
- Automated KYC and compliance checks that enable the nonbank lender to verify customer-provided applications faster and with less effort by the company’s underwriting team
Speaking about the collaboration, Rohit Arora, CEO of Biz2Credit and Biz2X, stated:
“By adopting Biz2X Accelerate SBA, Fountainhead will have direct access to SBA’s online PPP application system using Biz2X’s API, allowing for the fastest processing and loan approval times that can be offered for these government-backed loans. Our Biz2X platform is fully automated and features state-of-the-art machine learning technology that is able to read data from payrolls and bank statements and help calculate loan and forgiveness amounts for the borrower.”
Chris Hurn, CEO and Founder, of Fountainhead, went on to conclude:
“The Biz2X Platform will help us increase the number of funding requests we process across all of our SBA lending programs. Biz2X will help us process loan applications promptly and securely. In particular, for the next round of PPP, we are using the platform to handle the large number of small businesses we are working with to provide access to this critical funding.”