Louisiana Federal Credit Union (FCU) provided more than $4 million in emergency funding to its members under the SBA’s Payroll Protection Program (PPP). Working with BAFS and utilizing their application programming interface (API), Louisiana FCU was able to process PPP applications in minutes that would have normally required hours of manual entry.
Despite closed branches, a stay at home order issued by the State, employees telecommuting and an uncertain economic future, employees at this $313 million credit union immediately took action to help its small-business community. “We heard so many stories from our local business owners about ‘big banks’ not processing apps, being overwhelmed, not returning phone calls, and basically leaving many people with nowhere to turn,” said Rhonda Hotard, Louisiana FCU CEO. “We knew that we had to do more to support our community.”
The technology BAFS utilizes allows for a streamlined approach and efficient operations. “Our relationship with BAFS has allowed us to make a tremendous difference in the lives of our business members, their employees and families. Since we started taking applications for PPP loans, we have been able to inform our members about the status of their loan within a few hours and have been able to provide funding within a few days,” said Hotard.
The BAFS Advantage “At BAFS we made a commitment many years ago to invest in the technology and people who would help us make a difference and over the last several weeks we have seen the results of that commitment,” said Richard Guillot, CEO for BAFS. “Not only have we touched the lives of each of our customers but through our customers we have helped to improve the lives of thousands of families throughout this country.”
BAFS is a privately-owned commercial lending company that provides a full-service, end-to-end, cloud based commercial loan reporting platform.