Small business funding platform Biz2Credit announced on Monday the launch of Biz2X Accelerate SBA, a platform that enables banks and other financial institutions to efficiently respond to the influx of loan requests from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the historic CARES Act stimulus package.
Biz2Credit reported that on March 27th, President Trump signed the CARES Act to rescue small businesses that are under the financial strain caused by the COVID-19 pandemic. Biz2Credit noted that under the $2.2 million economic stimulus plan, $350 billion is “earmarked” for small businesses in the form of loans guarantees by the Small Business Administration (SBA).
Biz2Credit and Biz2X CEO, Rohit Arora, stated 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.”
Biz2Credit also noted that Biz2X Accelerate SBA’s 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
Arora went on to add:
“With existing partners already signed up to launch Biz2X Accelerate SBA in the coming weeks, we encourage banks and credit unions to act fast. Lenders who don’t have these capabilities soon will be unable to meet the June 30 Paycheck Protection Program filing deadline.”