StreetShares, a Fintech lender, will be providing the technology to provide the next round of Paycheck Protection Program loans issued by community banks and credit unions, according to a company release.
The PPP is part of the COVID-19 economic support legislation known as the Cares Act. PPP provides funding to SMEs to cover payroll for two months. Earlier this week, the US Senate approved a bill to add more money to the program. The first $349 billion quickly ran out. The US House of Representatives is expected to approve the additional funding this week.
StreetShares notes that it has signed an agreement with Fiserv, a global provider of payments tech and other financial services. StreetShares reports that it has signed an exclusive agreement with Fiserv to assist its clients who don’t utilize a Fiserv Account Processing platform to enable front-end digital PPP application processing with integration into the SBA e-Tran portal. StreetShares is providing a complete turn-key end-to-end solution and that can be leveraged by legacy financial firms.
StreetShares claims that community lenders struggled during “PPP 1.0” with manual underwriting and uploading to the SBA’s back-end loan registration system called E-Tran. StreetShares will not be fixing this problem:
“We spoke with community lenders and their exhausted staff who manually processed PPP 1.0 loan applications around the clock, nights and weekends,” said StreetShares Platform co-founder Mark L. Rockefeller. “Our solution provides lenders with digital document collection, identification verification services, and SBA uploads. They can now simply pre-load loans beforehand and hit send when the SBA re-opens the platform.”.
Launched in 2014 as a low-cost, online lender to veteran-owned small businesses, StreetShares now also offers small business underwriting technology. StreetShares launched a Lending-as-a-Service (LaaS) platform to allow community banks and credit unions to affordably make small business loans with a 100% digital, omni-channel experience.