LQD Business Finance, a leading tech-enabled commercial lender, has launched a new Managed Services Platform for processing PPP Loan Forgiveness Applications. Using data integration and automation, LQD Finance’s Managed Services Platform largely eliminates the tedious and manual processes currently being employed, as well as the errors related to the PPP Loan Forgiveness Application process.
“Right now banks and borrowers will have to spend thousands of hours manually pulling reports, putting them into spreadsheets, and calculating every eligibility requirement. In discussions, banks have expressed serious concern about internal resources and their ability to process these applications,” said CEO of LQD Business Finance, George Souri.
“LQD’s platform solves this problem by leveraging our native data integration and automation capacity in a true end-to-end managed service for banking institutions. Unlike pure technology companies, we have 5 years of real-world experience in small business lending and with the financial and compliance reporting challenges related to it. This real-world experience, together with our industry leading tech-stack, puts us in a unique position to solve the PPP challenge, and we are happy to be partnering with banks nationally on this program.”
The LQD Managed Services Platform uses an online portal to collect the required customer data and deliver a complete submission package to the bank, which includes an automatically completed PPP Forgiveness Application along with a readily accessible cloud-based file of backup documents and data. Through API data integration, central data warehousing, and proprietary automation, LQD Finance is able to seamlessly aggregate clean and structured data and provide summary calculations of eligibility requirements and forgiveness amounts along with direct links to all supporting documentation.
“Banks are also expressing concern about the lack of clarity with respect to some of the calculations. If a bank starts processing forgiveness applications manually and the SBA changes its guidance, the bank has to start over. Because of how we aggregate and process data, we are able to dynamically adapt to any change in guidance pretty easily and regenerate an entire package and completed application in minutes. That’s real value,” said Souri.
A unique forgiveness package is delivered to each borrower and includes a PPP forgiveness determination report, a complete and automatically generated PPP Loan Forgiveness Application, and direct cloud access to all of the verification and backup documentation.