CreditSnap and eDOC Innovations announce free digital enablement product to help credit unions and banks activate COVID-19 stimulus business loan
Amidst COVID-19 crisis, Federal Government and SBA announced the Paycheck Protection Program (PPP) as a lifeline to small business across the country. However, Credit Unions and banks are not able to swiftly accept loan applications - given branch operations disruptions and the technology challenges. CreditSnap and eDoc Innovations have come together with a pro-bono product that makes accepting and fulfilling PPP applications a breeze.
By: CreditSnap Inc.
Not only were CreditSnap and eDOC Innovations willing to put their cutting edge technology in the hands of these institutions, but they were also graciously willing to give it away for FREE. As a pro bono product, this offering now enables main street institutions to deliver the PPP program to their small business customers, thereby making $349 billion accessible to small businesses across the country.
This PPP product is yet another way FinTech companies like CreditSnap and eDOC Innovations are making contributions to fight the COVID-19 humanitarian and economic crisis. "Going from product conception to product delivery in under six days was quite an achievement. We decided to take this challenge head on after realizing how much of a positive difference we can make to small businesses with this effort. Many thanks to Pathways Financial Credit Union leadership for working closely with us, and becoming the first Credit Union to embrace this product. In this process, they are able to significantly accelerate PPP delivery to its members. We expect to help many more credit unions and banks deliver PPP program to their members seamlessly,"
"When CreditSnap approached us about an initiative to provide a free and easy solution to businesses so that they can apply for relief funds available under the PPP program, we immediately recognized the benefits that could be afforded to these financial institutions and the many small businesses they serve. It was an easy decision, and the teams quickly began to make this dream a reality," said Mark Fierro, CEO of eDOC Innovations.
What can credit unions and banks expect from this FREE product?
CreditSnap is a FinTech consumer-lending SaaS platform that helps small and large banks and credit unions deliver a modern consumer loan application experience, pre-qualification, and intelligent cross-sell offers. Included back-office applications makes accepting applications over the phone and in-branch a breeze, allowing lenders to become omni-channel. Since launching in January of 2019, CreditSnap has processed more than 160,000 loan applications and generated over 100,000 loan offers. www.CreditSnap.com
About eDOC Innovations
eDOC Innovations is the nationwide leader in mobile enterprise digital transaction management and e-commerce software for credit unions. eDOC Innovations' products include solutions for remote mobile and in-branch closings, mobile e-signature processing, digital asset lifecycle management, intelligent and interactive form automation, mobile remote deposit capture, electronic statements, and more. www.edoclogic.com/
Page Updated Last on: Apr 10, 2020