FINSYNC Gives Small Lenders Immediate PPP Advantage with Plug-and-Play Solution

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ATLANTA – () – FINSYNC, Inc., a leading provider of payment technology and cash flow management software, partners with small local lenders to provide their clients with much more loan processing and financing Fast for the SBA’s Payroll Protection Program (PPP) via an online take-and-play loan application and lender portal.

“Our PPP loan processing solution enables banks and credit unions to fund more businesses quickly, and we’re offering it for free,” said Eddie Davis, senior vice president of sales and operations. “FINSYNC’s plug-and-play solution can be deployed in minutes and makes life easier for businesses requesting financing and lenders processing their requests. ”

First Reliance Bank partners with FINSYNC

Financial institutions like First Reliance Bank are partnering with FINSYNC to meet the needs of their small business clients and streamline the application process.

“We were looking for a way to serve our corporate clients with a simplified solution for PPP applications that would allow our bank to efficiently process and distribute funding,” said John Lindley, vice president of business operations at First Reliance Bank. “We rolled out the FINSYNC Electronic Loan Application and Lender Portal the day we learned of the solution, and shortly thereafter got SBA loan numbers and finance loans. ”

Program details

In addition to giving banks and credit unions the ability to process Paycheck Protection Program loans online, FINSYNC’s solution simplifies workflow and document management for banks and their corporate clients. The simple deployment process can be accomplished in less than 24 hours.

The FINSYNC solution includes:

Online PPP application powered by FINSYNC

  • Simple and secure online PPP application, easy to use and intuitive

  • Helpful salary cost calculators and other resources that help applicants complete the process correctly the first time

  • Secure portal for downloading supporting documents

  • Applicants receive free tools to track and report forgiveness eligibility

Lender portal powered by FINSYNC

  • All requests and supporting documents are routed to the lender’s own portal

  • Notifications of new requests and status changes are sent electronically

  • Integrated workflow tools guide lenders from processing loans to tracking funding and remittances

  • Lenders receive assistance in submitting files through the SBA’s ETran system

Deployment of FINSYNC’s PPP loan application and lender portal requires no IT investment or integration. The plug-and-play solution is designed to help banks help their customers get financing faster and easier.

Meet growing demand

As of April 14, the SBA had approved 1.1 million PPP loan applications worth $ 263 billion in credit granted through nearly 4,700 lending agencies. Congress is negotiating an additional $ 250 billion in relief to meet demand.

The average loan amount to date has been around $ 240,000, which covers a typical small business with payroll costs of almost $ 100,000 per month for around 15 employees. The average loan amount is likely to tend to decline as funding continues and as younger and smaller businesses that develop a new relationship with their bank or credit union seek relief.

Lenders looking to grow have a unique opportunity to leverage FINSYNC’s PPP solution to meet their clients’ urgent needs and help small businesses access capital quickly. Additionally, lenders can connect with these customers through the Lender Portal when they need additional capital as the economy begins to recover.

Banks and credit unions interested in taking advantage of FINSYNC’s custom app for PPP lending can get started in minutes here:

https://www.finsync.com/network/banks-and-credit-unions/

About FINSYNC, Inc.

FINSYNC is the only all-in-one payment platform that helps businesses centralize cash flow control, automate accounting, and sync with the right banker and finance professional at the right time.

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