Software for SBA PPP loans being deployed within hours for each financial institution
Newgen Software Inc., a global provider of low code digital automation platform, announced that several leading banks and credit unions in the United States have chosen the Newgen Loan Origination Software for SBA Paycheck Protection Program to process loans quickly and seamlessly. The software can be deployed within hours for each financial institution.
The Paycheck Protection Program (PPP), a $349 billion loan program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is intended to provide economic relief to small businesses across the United States that have been adversely impacted by COVID-19.
“Newgen’s lending software for SBA PPP is enabling financial institutions to promptly help small businesses with their loan requirements. The software facilitates an end-to-end lending lifecycle, from providing borrowers the ability to fill their applications online, performing eligibility checks, integrating with the SBA’s E-Tran system, through to originating and disbursing loans. Specifically, our software also lets financial institutions bring in applications they are currently processing manually for quick integration and update into the SBA’s E-Tran system,” said Anand Raman, EVP and COO, Newgen Software Inc.
The key benefits of Newgen Loan Origination Software for SBA Paycheck Protection Program include:
- Application intake from online portal and pdf forms
- Automated eligibility checks
- Batch import for manually processed loan applications
- API-based integration with E-Tran
- E-sign integration
- Queue-based workflow with tracking and exception handling
- Cloud-based deployment
Future enhancements to the software will help financial institutions process loan forgiveness requests, from necessary document collection to verification, and update to E-Tran.
About Newgen Software Inc.:
Newgen Software Inc. is a global provider of digital process automation platform with more than 200 financial institutions as its clients. Newgen’s platform automates critical business processes for financial institutions across commercial lending, consumer lending, customer on-boarding, digital account opening, trade finance, digital and mobile customer service requests. Newgen offers flexible on-premise and cloud-based solutions to financial institutions.
To learn more about how Newgen is connecting enterprises and transforming experiences, visit: http://www.newgensoft.com/