As the second round of federal funding for small businesses affected by the COVID-19 pandemic continues to roll in, many lenders have seen a dramatic increase Automation in SBA loan processing and associated paperwork. To meet the demand and ensure that small business owners receive the support they need in this time of crisis, banks have resorted to automation tools paired with content intelligence technologies to significantly speed up processing, improving borrower experience and ensuring compliance.
Automation in SBA Loan Processing: Increasing Efficiency and Accuracy
Automated workflows streamline application reviews and approvals while eliminating manual errors that can delay the process. Built-in compliance checks ensure that all steps in the process adhere to SBA guidelines, mitigating any potential risks for the lender. Reduced document handling time expedites the loan application review process, reducing processing times from weeks to hours.
Leverage a comprehensive, end-to-end SBA loan automation solution to efficiently handle the increased volume of applications. With automated application processes, borrowers can upload and organize documents into secure document portals that make it easy for lenders to review, verify, and approve, ensuring consistency and accuracy in loan processing. The system then seamlessly synchronizes this data with the SBA’s E-Tran application portal, ensuring that applicants always have accurate, up-to-date information at their fingertips.
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