Loan application

Fresno First Bank Launches Automated Online SBA Loan Application in Days

It is difficult for most banks to offer online account opening or corporate account application processing. With that in mind, the outlook looks bleak for the biggest stimulus package in history. $350 billion through banks, with a week’s notice, to small businesses across the country. Banks must identify their applicants, grant the loan according to their internal rules, then provide the application to the SBA and finally, upon approval, disburse the funds. All while doing so in compliance with onerous know-your-customer and anti-money laundering regulations. the $350 billion is drying up, but with additional support funds expected to be announced, banks need to be prepared.

This added complexity with many small businesses being independent contractors without EIN numbers and inconsistent records to demonstrate payroll. PPP loans to these applicants became available on Friday, allowing qualified applicants to receive a loan of up to 2.5 times their monthly payroll. These loans are crucial to the survival of many small businesses, but lenders must ensure that all loans comply with strict rules. This is a complex and time-consuming task that can take weeks of back and forth.

Crisis often breeds innovation and in less than a week, Fresno First Bank was able to partner with DocFox, a fintech company, to automate the loan application process from its website. As soon as a candidate completes their online form, they trigger a sequence of events, including automated document analysis and background checks. “All of this ensures that the bank receives a complete application removing the need for manual work and back and forth,” says DocFox CEO, Ryan Canine.

“We hired the DocFox team several months ago to help us manage our high-risk, remote customer acquisition strategies, but we quickly realized that their platform could be used for so much more. L user interface is amazing and really enhances our customer experience. When we saw the potential workload associated with the SBA PPP program, DocFox was my first call. They got us up and running in 2 days which is lightning fast even for the world of fintech, and we now have an efficient and agile platform that will help our bank better navigate the banking future” explained Steve MillerCEO of Fresno First Bank.

DocFox is used by over 150 financial institutions to automate their BSA and online account opening processes and leverages this experience to help banks and credit unions streamline their SBA loan applications.

For more information about DocFox and its comprehensive banking compliance technology, visit www.docfoxapp.com or email [email protected]

For more information contact:
Ryan Canine
650-334-6213
[email protected]

Kelsey Page
214-354-3763
[email protected]

SOURCE DocFox

Related links

docfoxapp.com