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 an online portal and pdf forms
- Automated eligibility checks
- Batch import for manually processed loan applications
- API-based integration with E-Tran
- Integration with document preparation tools
- 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.