Since the federal announcement of the Paycheck Protection Program (PPP), credit unions and banks have been working hard to enable the program for their business customers. Challenges were abundant, however, as COVID-19 caused disruption to branch operations and created a sudden drain on technological resources now needed to retool web applications. This made it extremely hard for these institutions to swiftly accept applications. In just under seven days, CreditSnap and eDOC Innovations were able to quickly come together and deliver a free full digital enablement product that meets the needs of credit unions and banks.
Not only were CreditSnap and eDOC Innovations willing to put their cutting-edge technology in the hands of these institutions, but they were also graciously willing to give it away for free. As a pro bono product, this offering now enables main street institutions to deliver the PPP program to their small business customers, thereby making $349 billion accessible to small businesses across the country.
This PPP product is yet another way FinTech companies like CreditSnap and eDOC Innovations are making contributions to fight the COVID-19 humanitarian and economic crisis. “Going from product conception to product delivery in under six days was quite an achievement. We decided to take this challenge head on after realizing how much of a positive difference we can make to small businesses with this effort. Many thanks to Pathways Financial Credit Union leadership for working closely with us and becoming the first credit union to embrace this product. In this process, they are able to significantly accelerate PPP delivery to its members. We expect to help many more credit unions and banks deliver the PPP program to their members seamlessly,” said Deepak Polamarasetty, President and Co-Founder of CreditSnap Inc.
“When CreditSnap approached us about an initiative to provide a free and easy solution to businesses so that they can apply for relief funds available under the PPP program, we immediately recognized the benefits that could be afforded to these financial institutions and the many small businesses they serve,” said Mark Fierro, CEO of eDOC Innovations. “It was an easy decision, and the teams quickly began to make this dream a reality.”
What can credit unions and banks expect from this free product?
- Digital Acceptance:Ability for customer’s borrowers to submit a digital application for the program using the SBA guidelines documented at sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf
- Loan Applications Queue Management:Company will provide a cloud-based, secure employee portal that allows customer’s employees to i) see incoming applications, ii) manage the application queue, and iii) download the full application data for internal loan application processing.
- Document Signing:Customer can provide the loan agreement that will be set up in the system, and customer’s employees can subsequently use the single-click capability in the employee portal to request digital e-signatures from the borrower on the loan agreement.
If you are interested in taking advantage of this offer, you can reach out to Deepak at deepak@creditsnap.com.