Numerated Launches Forgiveness Automation After Partnering with 70+ Banks to Originate 5% of Paycheck Protection Program Loans
Summary
As of today, more than 70 banks and credit unions have used Numerated to launch digital lending for the Paycheck Protection Program, speeding approvals for $16 billion in relief funds to more than 170,000 American small businesses and their 2.2 million employees. These banks consistently reported being able to approve 6 to 8 times the volume of loans using Numerated than they were submitting applications through their traditional back office systems and the SBA’s web portal. “ We needed to help as many businesses as possible keep their employees paid during the pandemic, so we turned to Numerated to launch a fast and simple digital experience for the Paycheck Protection Program,” said Hugh Queener, Chief Administrative Officer of Pinnacle Bank. We look forward to continuing our work together for the forgiveness phase.” Without digital lending technology, financial institutions processed Paycheck Protection Program loans manually or in combination with their existing back office systems. Lenders using Numerated, however, offered borrowers a fully-digital experience while empowering their teams with end-to-end process automation—including the ability to speed and scale approvals through the platform’s API integrations with data providers, e-sign platforms, and the SBA.