BOSTON--(BUSINESS WIRE)--Numerated, the financial technology company making it easy to purchase financial products from banks and credit unions, announced today it has expanded its platform to automate Paycheck Protection Program loan forgiveness. As of today, more than 70 banks and credit unions have used Numerated to launch digital lending for the Paycheck Protection Program, speeding approvals for $16 billion in relief funds to more than 170,000 American small businesses and their 2.2 million employees.
Many small businesses that applied for Paycheck Protection Program relief funds at banks using Numerated were able to go from application start to Small Business Administration approval in as few as 10 minutes, completely digitally and often with same-day funding. These banks consistently reported being able to approve 6 to 8 times the volume of loans using Numerated than they were submitting applications through their traditional back office systems and the SBA’s web portal.
“As the CARES Act was being drafted, we realized our digital lending technology could bring relief to businesses across the country. We knew we could provide a fast, simple, and scalable solution for banks to get capital to their communities,” said Dan O’Malley, co-founder and CEO of Numerated. “While I’d like to pause for a moment to recognize the herculean efforts of our team and the nearly 25,000 dedicated bank employees who used our platform these past several weeks, our job is not done. We’re heads down partnering with more banks to automate the forgiveness component of the program.”
Numerated is a three year-old fintech that provides financial institutions with a digital front end for their business banking products—including digital application, digital lending and digital account opening solutions. Financial institutions using Numerated range in size from $80 million to over $150 billion in assets, and the company is partnering with many of them on forgiveness. This includes one of the top business banks in the country, $29-billion Pinnacle Bank based in Nashville, Tennessee.
“We needed to help as many businesses as possible keep their employees paid during the pandemic, so we turned to Numerated to launch a fast and simple digital experience for the Paycheck Protection Program,” said Hugh Queener, Chief Administrative Officer of Pinnacle Bank. “The decision to partner with Numerated was easy, because they were unique in automating the entire end-to-end origination process. Standing up a new technology platform in a matter of days is unheard of in our industry. Thanks to our partnership, we made it happen and disbursed $2.4 billion in Paycheck Protection Program loans to over 14,000 businesses in five states. Quite simply, we could not have done it without Numerated. We look forward to continuing our work together for the forgiveness phase.”
Without digital lending technology, financial institutions processed Paycheck Protection Program loans manually or in combination with their existing back office systems. Lenders using Numerated, however, offered borrowers a fully-digital experience while empowering their teams with end-to-end process automation—including the ability to speed and scale approvals through the platform’s API integrations with data providers, e-sign platforms, and the SBA.
With funding for the Paycheck Protection Program winding down, banks are preparing for the complex forgiveness component of the program.
“We developed a loan forgiveness solution that allows banks to say to their customers, ‘we’ve made this complex process as easy as possible,’” said O’Malley. “Many banks stood up digital lending for the first time during this pandemic, and we want to ensure that same rapid, responsive service continues through to forgiveness and beyond as banks move to offer digital buying experiences across a wider set of their products.”
Numerated dramatically simplifies forgiveness for banks and borrowers, from pre-filling forgiveness requests and automating calculations through to digital documents and SBA validation. The solution is compatible with Paycheck Protection Program loans originated on and off its platform. To learn more about Numerated’s lending and forgiveness solutions for the Paycheck Protection Program, visit go.numerated.com/ppp.
Numerated makes it easy for businesses to purchase financial products from banks and credit unions. Financial institutions using Its digital lending and sales platform create award-winning digital application, digital lending, and digital account opening experiences powered by rich data integrations and artificial intelligence. Numerated was recently recognized as “2020’s Best Overall FinTech Software” by FinTech Breakthrough and “2020’s Most Innovative Industry Partner” by Barlow Research. Numerated is chosen by top business banks, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People's United Bank, Pinnacle Bank and more.