LoanStreet creates platform for SBA Paycheck Protection Loans
Specialized platform now available to originate, service and report SBA PPP Loans at scale
NEW YORK, NY (April 2, 2020) — LoanStreet Inc. has launched a new, specialized origination, servicing and reporting solution for financial institutions that plan to participate in the new SBA Paycheck Protection Program passed as part of the CARES Act. Financial institutions of any size can streamline the process and ensure compliance with the new law using LoanStreet, the first fully integrated platform for efficiently sharing, managing and originating loans.
“LoanStreet’s specialized SBA PPP platform provides all the necessary tools to enable financial institutions to immediately originate and service SBA PPP loans at scale regardless of their prior experience with the SBA or existing technology capabilities,” Ian Lampl, CEO of LoanStreet, said. “We believe there will be such heavy, immediate demand for SBA PPP loans, many lenders’ existing systems that rely on manual and in-person processes, simply will be overwhelmed to the point they will be forced to direct their borrowers to seek SBA PPP loans elsewhere. LoanStreet is ensuring all lenders have access to the necessary technology to implement SBA PPP lending at scale quickly, because we believe the program’s $350 billion funding cap will likely be oversubscribed.”
Small businesses can begin applying for SBA PPP loans on Friday, April 3.
LoanStreet’s SBA PPP lending platform immediately enables financial institutions to originate, service and report SBA PPP loans at scale without prior SBA experience. Its features include:
- SBA PPP underwriting module that enables the lender to securely collect the required application and supporting documents and retain them for audits and examinations.
- Pre-loaded lending terms to align with the SBA PPP requirements within the CARES Act. With just a few inputs, PPP loans are fully boarded for automated servicing.
- SBA PPP servicing module automates all calculations and reporting required by the SBA on an ongoing basis.
- Intuitive integrated platform requiring no on-site installation; can be used by remote staff and requires almost no training; no duplication of effort or re-keying information over time.
- Efficient, fully electronic process management designed for financial institutions that may be operating under remote-work or other stressed operating conditions.
“We want to ensure all financial institutions have a fair chance at accessing the SBA PPP loan program, and we know LoanStreet’s expertise in software and lending can help,” Lampl concluded.
About LoanStreet Inc.
LoanStreet is the first fully-integrated, online platform that streamlines the process of sharing, managing, and originating loans for credit unions, banks, and alternative lenders. LoanStreet was founded in 2013 with the mission to create a more efficient, transparent, and robust way of administrating loans and connecting the lending market. LoanStreet’s nationwide network of hundreds of financial institutions gives lenders the ability to profit and grow by combining technology and dedicated expertise to mitigate the constraints otherwise caused by geography, size, or concentration limits. Over 750 financial institutions now use LoanStreet’s software solution to successfully do business with each other and maximize the potential of their respective organizations.LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan sharing platform.