SBA - PPP Lending – Systems Involved & RPA Play

SBA – PPP Lending – Systems Involved & RPA Play

  • Posted by: Michael Guillory
SBA ppp lending image

With implausible volumes of applications since the launch of the Program on April 3rd, 2020, the systems involved in the forgiveness program i.e. mainly the SBA E-Tran system has hit some roadblocks in the earlier days (refer this article and this). While the big banks like Bank of America, were able to take in many applications, for SMB Banks & Credit Unions the ability to process these applications and disburse the amounts is key here as the window is small.

The key system in applying for a Loan is the one that’s used for submitting a loan, which is the SBA’s online loan guaranty origination/servicing portal – E-Tran system(CAFS). Lenders get to enter loan information on individual loans on a web page or there are other software packages that enable loan data file transfer in XML format to E-Tran database.

With the Treasury department asking Congress to commit additional $250Bn for the small business coronavirus program (here), there is going to be more demand for these loans. Also, with non-banks like Paypal and other FinTech companies jumping on to this lending drive, there is going to be even more demand and consumption of the loan amount.

All the SBA lenders require scalable and fast solution components to address this need beyond available systems and as highlighted in the previous article leveraging RPA provides extra capacity and deployment speeds. From a landscape perspective, the below graphic gives a view of processes and systems involved.

This is not an exhaustive landscape with every system, but for a small and medium sized bank or credit union this represents the systems and RPA play as an understanding.

Sage IT has also developed a web-based PPP form for Banks to leverage as an easy way to capture the interest of borrowers for payment protection.

Sage IT understands the interplay involved and the value-add that RPA provides at this crucial juncture. With RPA BOTs, Sage IT can help banks and credit unions with below areas:

  1. PPP Forms Intake Processing
  2. Eligibility Verification and Qualifications
  3. Data Entry into E-Tran system
  4. Integrate underwiring approval process
  5. Reporting and Auditing

These can be achieved in just 48-72 hours and Sage IT provides free discovery and the support needed for execution of these BOTs across leading RPA platforms. For more information and any assistance , please reach out to marketing@sageitinc.com or sales@sageitinc.com.

POST WRITTEN BY
Gopi Krishna V Akella
Vice President – Sales & Business Development at Sage IT Inc.

Author: Michael Guillory
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