COVID-19 has brought small businesses in the US almost to a standstill. Restaurants, barbershops, nail salons, non-food retailers, and countless other small businesses have all been forced to close as a result of the social distancing rules being implemented across the US. With over 30 million small businesses in the U.S. alone, even if just 10% of them were forced to halt operations due to the pandemic, three million businesses are being disrupted. The impact on these small enterprises, the backbone of the U.S. economy, could be devastating.
Salesforce & Persistent are teaming up to respond to the crisis by providing immediate assistance to the many lending institutions who are fielding requests for SBA loans included in the stimulus package. The focus is on SBA Lending which will specifically facilitate the Paycheck Protection Program, part of the CARE Act Program. The solution, which is enabled through the Persistent Digital Lending Solution leverages the Salesforce Financial Services Cloud (FSC) and can facilitate:
- Digitally enabled Application process and on-boarding through a mobile device or portal
- Realtime loan processing through an automated decision engine with in-built eligibility rules specific to the CARES Act
- Ability to integrate with your existing Core banking Platform or Partner LOS system
Banks and Credit Unions can use this solution to quickly approve loans under the SBA PPP guidelines and process applications digitally, ensuring all basic criteria are met. Additionally, the solution can auto-approve the loan based on eligibility rules and set it up for disbursement.
As a leader in the Digital Banking and a Global Salesforce implementation partner, Persistent is joining hands with Salesforce to quickly implement this solution to enable small business owners to retain financial stability. We are committed to helping banks and credit unions who are at the epicenter of the credit crisis. Our global teams are ready to set up the Persistent Digital Loan Solution to address the need of thousands of small business by helping the banks to quickly ramp-up. To learn more about how Persistent can help, contact us here.