US COVID-19 relief scheme deploys Wolters Kluwer tech
Wolters Kluwer has launched a new technology solution to help US lenders secure loans for small and medium-sized enterprises (SMEs) under a government relief programme.
The vendor says iLien for Main Street can aid banks offering support under the Main Street Lending Program.
Launched under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Main Street Lending Program issues special loans to keep SMEs afloat.
The $600 billion Program offers five-year loans, ranging from $250,000 to $300 million. It offers floating rates and deferred principal and interest payments.
According to Wolters Kluwer, iLien for Main Street can help banks “optimise their due diligence and lien management efforts.”
A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. It serves to guarantee an underlying obligation, such as the repayment of a loan.
The solution allows lenders to conduct public record searches, as well as retrieve legal filings and corporate records.
Raja Sengupta, executive vice president and general manager for Wolters Kluwer Lien Solutions, says his firm is “uniquely positioned”.
“Our technology fundamentally improves lenders’ ability to holistically view their lien portfolios, including Program loans, in a way that helps mitigate risk and improves the quality and efficiency of their operations.
“Having one place to manage liens is particularly crucial for audit and traceability, given the government’s involvement in the Program.”