NCIT Launches P3loans.Com as a Multi-Lender Loan Processing Portal.
North Capital, a market-leading provider of technology and brokerage services for exempt securities offerings, announced that it is now processing Paycheck Protection Program (PPP) loan applications through community banks in Utah and Colorado. “When the details of the Paycheck Protection Program were released by the Small Business Administration, we realized that some of the key elements of our technology— automated anti-money laundering checks, customer identification and verification, online transaction processing could be applied to support this program,” said Sara Borazan, Managing Director and Head of Business Development. “So we quickly organized a technology sprint and pushed a new processing platform live within three days.”
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North Capital is an agent for three community bank lenders, collecting required documentation from borrowers, assisting in the completion of loan applications, and forwarding the packages to the bank for review and processing with the Small Business Administration. “Our technology was designed to streamline and scale online processing of financial transactions,” said Jim Dowd, Chief Executive Officer. “We have heard widespread reports that the program has been stalled by processing bottlenecks, and our goal is to help alleviate this pain point.” Nearly sixty small businesses have completed the P3Loans.com application process during the past week.
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The Paycheck Protection Program, a key part of the CARES Act stimulus package, is a loan designed to provide direct incentives for small businesses to keep their workers employed. The Small Business Administration has provided for the forgiveness of qualifying l**** if all employees are kept on the payroll for the subsequent eight weeks following receipt of funds, and the loan proceeds are used for payroll, rent, mortgage interest, and utilities. Lenders began processing loan applications on April 3rd and will continue through June 30th or until the SBA funds have been exhausted. A bill currently being considered in Congress would increase by $250 billion the size of the program from the current $349 billion. According to press reports, approximately $215 billion in l**** had been processed as of Monday, April 13th.
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