New automated portal helps financial institutions reduce the time required to submit an SBA Payment Protection Program loan application from 30 minutes to 30 seconds
MX, the leading digital transformation platform for banks, credit unions, and fintechs, announced the launch of a new Small Business Administration (SBA) Payment Protection Program (PPP) loan application process and portal for banks and credit unions. The automated application portal reduces the time required for banks and credit unions to submit a PPP loan application for their small business customers from an average of 30 minutes to 30 seconds.
“Small businesses are the backbone of our economy and many are struggling due to the devastating effects of COVID-19 on our people, communities, and businesses,” said Ryan Caldwell, Founder and CEO of MX. “By launching a streamlined application process for banks and credit unions, we are making it easier than ever for financial institutions to get critical funds into the hands of small business owners so their doors stay open and they can meet their financial obligations, particularly to their employees.”
The new application portal will be hosted by the bank or credit union and used by small business owners to quickly fill out and submit PPP loan applications. The portal removes the need for financial institutions to manually re-enter loan applications, reducing potential input errors and delays in funding. The portal also provides financial institutions with the ability to track the volume and status of all PPP loan applications.
“At Central Pacific Bank, we are committed to helping entrepreneurs and small business owners across Hawaii navigate the COVID-19 crisis and take advantage of federal stimulus programs,” said Kevin Dahlstrom, CMO of Central Pacific Bank. “MX’s new SBA loan application portal will reduce the time it takes for loan officers to approve and submit loan applications on behalf of small business owners so that these funds can be distributed as quickly as possible, ensuring businesses stay open and continue to hire and employ residents throughout the islands.”
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