Lendsmart Automates and Digitizes Paycheck Protection Program SBA Loan Application Process

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NEW YORK–(COMMERCIAL THREAD) – Amid the COVID-19 crisis, Lendsmart, an end-to-end solution for banks and credit unions to completely digitize their home lending and buying transactions, has has reoriented its proprietary technology to help financial institutions automate and digitize the Paycheck Protection Program (PPP) SBA loan application form.

In the wake of the COVID-19 pandemic, small businesses are seeing a profound impact. In fact, the National Federation of Independent Businesses reported that 76% of small businesses consider the disruption to be massive. To help reduce this impact, the new Paycheck Protection Program Loan is designed to provide a direct incentive for small businesses to keep their employees.

The SBA will cancel loans if all employees are on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Lenders were able to start processing loan applications on April 3, 2020, and the program will be available until June 30, 2020. With the incentive, thousands of small businesses are now vying for the $ 350 billion in loans.

“With financial institutions struggling to manage the high number of applications and small businesses needing immediate funds, we needed to simplify and speed up the process,” said AK Patel, Founder and CEO of Lendsmart.

Lendsmart’s AI-powered platform completely automates the completion of the application form. Additionally, the company will continue to leverage its API providers to streamline the entire process within minutes. The entire application process will be presented in the same chat-like conversational style format as their other loan products. Financial institutions can be quickly on-boarded simply by providing their logo, color scheme, and the list of internal users who need to access them.

For banks and credit unions looking for an automated solution and interested in a custom stand-alone solution, please contact [email protected] or call 718-578-6055.

About Lendsmart

Lendsmart uses artificial intelligence to digitize the home lending and buying processes for banks and credit unions, enabling borrowers to get a loan, refinance or buy a home in record time. Their centralized platform unifies all parties involved while automating manual tasks, improving accuracy, minimizing risk to lenders, and reducing origination and operating costs. Features include real-time service providers, an AI-powered underwriting process, the ability to instantly verify assets, income, employment, and identity, as well as 1003 and loan application forms. filled in automatically.

For more information, visit www.lendsmart.ai or send an email to [email protected]


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