NYMBUS speeds up SBA loan processing for banks
The new SmartLenders program, activated Tuesday, March 31, will enable what the company said is the fastest way to administer Small Business Administration (SBA) Paycheck Protection Program (PPP) loans.
This comes after a March 27 decision by Congress to pass the CARES (Coronavirus Aid, Relief, and Economic Security) law, which includes a financial aid provision for SMEs that keep their employees on the payroll during the crisis. . Those who retain all of their previous payroll may qualify for a loan discount for parts used to support their employees.
With NYMBUS SmartLenders, employers have a new way to digitally apply for PPP loans in a way that handles all components of the process and makes everything much faster for applicants, the release said. Those who wish to apply can click on a link to get started. Then, SmartLenders makes an effort to automatically collect the required documents, complete the underwriting and close the loans.
SmartLenders is backed by professionally trained banking and legal experts who oversee the process and make sure everything complies with SBA regulations, the statement said.
The program is free and the company has said its goal is to ensure the economy continues to roll amid the global pandemic. David Mitchell, president of Nymbus, said the company was doing its best in an unprecedented time to help companies continue to pay their employees with modern digital tools.
The coronavirus’ dismantling of normal American life has resulted in financial uncertainty for millions of citizens. For this reason, companies have gone to great lengths to help get people paid in a timely manner to alleviate the stress caused by the chaos of the virus, like what GrainChain made for farmers.