Unqork, the leader in enterprise no-code application development technology, today announced a partnership with Deloitte to launch a fully-managed small business lending service to digitize the end-to-end loan life cycle. This solution will enable small business lenders to streamline the distribution of loans to small businesses in need of relief as a result of COVID-19. The service conforms to the requirements of the Coronavirus Aid, Relief, and Economic Security (CARES) Act which was recently passed by Congress to provide fast and direct economic assistance for American workers, families and small businesses and to preserve jobs for American industries, also known as the Small Business Administration Paycheck Protection Program (SBA PPP).
“The CARES act attempts to help small businesses weather the storm associated with COVID-19. However, the challenges of processing $349 billion of loan volume in a few weeks has exposed the inadequacy of the technology platforms currently servicing the small business loan market. It left most lenders with complex operational challenges resulting from legacy technology and manual processes and controls,” said Rabih Ramadi, head of Financial Services at Unqork. “This lending service addresses these inefficiencies by quickly getting small businesses the economic relief they need.”
Unqork and Deloitte are partnering with Plaid to provide a fully digital turnkey solution with pre-configured business processes, operational resources, and compliance controls. The platform includes an easy-to-use customer (borrower) experience, real-time validations, integrations with data providers, along with comprehensive underwriting and servicing capabilities for lenders. The platform can be deployed in a few days while being customized to a lender’s desired experience.
“Speeding up loan processing could mean the difference between a business and its employees surviving intact, or adding to the skyrocketing unemployment,” said Lowell Putnam, Plaid head of partnerships. “The Unqork and Deloitte service incorporates several Plaid products to allow lenders to quickly process CARES Act loans while complying with guidelines. Ultimately, this can help speed the delivery of relief funds to more businesses.”
This launch is part of Unqork’s ongoing work with cities, states and financial institutions to streamline the delivery of economic and emergency relief in response to COVID-19. In addition to small business lending, Unqork has been enabling major U.S. cities to quick deploy technology to better connect their residents to critical services, such as food delivery for vulnerable citizens, the distribution of medical equipment to healthcare workers, and the gathering and mapping of data to help understand the impact of COVID-19 in local communities.
Those interested in deploying the small business lending service can learn more at unqork.com/sb-lending.