Tavant Launches Turnkey Platform to Accept and Process SBA Paycheck Protection Program Loans
White-label platform accelerates decision, can be deployed in less than 24 hours
Tavant, a Silicon Valley-based provider of AI-powered digital lending technologies, announced it has developed a new SBA Paycheck Protection Program (PPP) solution to help lenders and small business owners impacted by the COVID-19 global pandemic. The new solution is powered by Tavant’s AI-powered digital lending platform, VΞLOX, and can be deployed as a white-labeled solution in less than 24 hours.
“With potentially 30.2 million small businesses knocking on your doors and with $350 billion available for disbursement, it is paramount that all lending institutions support these small businesses and help the economy at this extreme time of need.”
The solution removes all technical blockers, accelerating the SBA PPP application intake process and enabling lenders to process small business loans in a matter of hours versus weeks or even months. Additionally, underwriters are now able to review digital applications and supporting documentation and make a decision in minutes. The platform has a simple and intuitive user-interface for the business borrower, while flexible (cloud or on-premise deployment) and secure for the lender, focusing on ensuring compliance and preventing fraud while supporting the mission of economic relief to small businesses.
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Hassan Rashid, CRO of Tavant, said, “Our world is changing rapidly, and we are all working to contain the negative impacts. In these unprecedented times of COVID-19, it has become apparent that US lending companies have a unique role to play in helping keep small businesses alive and for paychecks continuing to flow for their employees. We, at Tavant, recognize the pressure that financial institutions are currently under to develop an intuitive software solution for the PPP program application intake, underwriting and disbursement and in response, developed a turnkey solution within our VΞLOX suite of products.”
The platform is currently ready to intake applications for small business owners, and ahead of the April 10, 2020 deadline for applicants who fall in the Independent Contractor category. In addition, Tavant will be rolling out updates daily featuring automated loan processing and underwriting capabilities that allow these applications to be processed for eligibility rules, payroll-based loan amount calculations, and eventually decisioned and dispositioned within minutes, potentially allowing for the disbursement of funds within 24 to 48 hours.
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Rashid continued, “With potentially 30.2 million small businesses knocking on your doors and with $350 billion available for disbursement, it is paramount that all lending institutions support these small businesses and help the economy at this extreme time of need.”
Tavant is an expert in the straight-through processing and automated underwriting of home loans, and brings this capability and expertise to help lenders remove the excess that is currently mounting in the operational side of the house.