Hyland has launched a new digital lending solution for financial institutions to support the increase in Small Business Administration (SBA) Loan and Payment Protection Program (PPP) applications, and the associated documentation requirements. The digital lending solution is built on a low-code platform with configurable features, tools and components to quickly adapt and support new and changing SBA PPP Loan requirements.
Hyland’s SBA PPP Loan solution is comprised of three critical digital applications: Hyland’s loan document tracking solution, ShareBase – a cloud-based file sharing tool – and integration with electronic signature solutions. When combined, these technologies enable an efficient digital process to streamline initial application review, approval and signing.
“Financial institutions are seeking and deploying digital technologies to help their customers and members, including small business owners seeking assistance in response to closing operations during the current global climate,” said Steve Comer, director of financial services and insurance sales at Hyland. “Our newly launched SBA PPP Loan solution provides a contact-free way to quickly process applications, with a configurable and secure way to gather, access, route, review and approve the necessary documentation.”
Essential solution capabilities include:
- Loan document tracking with digital workflows to manage the complete lifecycle of a loan and corresponding documents. Digital access to all loan-related information empowers loan officers with the right information to provide superior service and close loans faster.
- Cloud-based file sharing provides a simple and secure way to send, receive and collaborate on information remotely.
- Digital signatures support the necessary final step, completing the end-to-end digital lending solution by automating the signing process without the cumbersome tasks of printing, mailing and manually validating documents.
“Beyond supporting financial institutions’ current need for digital solutions for SBA PPP Loan applications, this system will be the foundation for any digital lending process in the future. While remote work practices might be short term, the future of lending will change with a preference for fully digital operations.”