Nymbus launches loan processing system for US banks to deliver COVID-19 relief
Florida-based digital and core banking solution provider Nymbus has launched a new programme to help financial institutions faster process the loans US government is entrusting them to distribute to small businesses as part of its coronavirus relief package.
As part of the $2 trillion Coronavirus Aid, Relief and Economic Recovery (CARES) Act, US president Donald Trump has set aside $349 billion for Small Business Administration (SBA) ‘Paycheck Protection’ loans.
These are designed to help millions of Americans employed by small businesses with under 500 employees.
These loans provide each small business a loan of up to $10 million for payroll and other expenses such as rent, mortgage interest, or utilities.
If all employees are kept on this payroll for eight weeks, SBA will forgive up to 100% of the loan, depending on what the rest is spent on.
Nymbus’ SmartLenders Programme promises to help participating banks and credit unions to deliver “instant financial relief” for their small business customers.
The banking solution provider says it has digitised the entire Paycheck Protection Programme (PPP) loan process.
Businesses can apply through a portal link provided by Nymbus to those financial institutions issuing the aid. SmartLenders will then automate the requests, collect required documents, perform all the underwriting, and close the loans.
Nymbus says there is “no cost or liability” to use SmartLenders, and referral partners will be able to share in the loan fees.
“The goal is to move as rapidly as possible to help every business in the US by leveraging the advanced Nymbus ecosystem,” the company said in a statement
“We have the digital tools and full remote processing services already in place to handle the urgency of placing these vital federal funds into the hands of small business owners,” says Nymbus’ president David Mitchell.