MeridianLink announced that it was officially approved as a vendor to access the Small Business Administration (SBA) system and delivered an integrated SBA PPP Fast Track Digital Solution within a week. Community financial institutions were immediately deployed on MeridianLink’s SBA PPP Fast Track and began accepting online and mobile customer applications within 48 hours of signing up for the program.
When the SBA and the U.S. Treasury Department rolled out the SBA Paycheck Protection Program (PPP), MeridianLink immediately recognized the need to support financial institutions as they help their small business communities. Quickly enabling banks and credit unions to accept digital applications from small businesses seeking SBA PPP relief, MeridianLink launched an easy 3-step loan application process that’s accessible through a link or a QR code generated directly from the system. The loan origination process supports e-signatures and secure document uploads. To further assist financial institutions, MeridianLink has also built an integration to electronically submit the loan through the SBA’s E-Tran platform.
“We knew we had to move incredibly fast to enable banks and credit unions to help the communities they serve”, said Tim Nguyen, co-founder and Chief Strategy Officer of MeridianLink. “I’m proud that our team got SBA approval, built, tested, and delivered our SBA PPP Fast Track origination system in days. Clients responded just as quickly, processing thousands of online PPP applications in less than a week.”
Jennifer Seber from USF Federal Credit Union was one of the first clients to implement SBA PPP Fast Track. “We like how it captures the information directly from the borrower.”, said Ms. Seber. “The workaround we had in place was not member-centric; this was our solution.” USF FCU was able to successfully implement within one business day.
MeridianLink’s SBA PPP Fast Track Digital Solution is an automated, mobile-first application intake and posting system. It is cloud-based, with nothing to install. The system supplies the required forms, with automated workflows to generate and send requests for documents to business owners, who can then sign electronically and securely upload to the financial institution.
The Fast Track Solution for SBA PPP loan origination is available now to any bank or credit union. It does not require core system integration and can typically be implemented in two days or less. More information can be found here, at ApplicationPortal@MeridianLink.com or at 866-720-6432.
MeridianLink, Inc., developer of the industry’s first multi-channel account opening and loan origination platform, is a leading provider of enterprise business solutions for financial service organizations. The company’s passion for excellence is reflected in its web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, Calif., MeridianLink is committed to creating smart solutions that deliver real value. For more information, visit www.meridianlink.com.