Fountainhead Indicators Deal to License Biz2X SBA Platform for Paycheck Safety Program Loans & Different SBA Applications

Small Enterprise Administration (SBA) lender Fountainhead lately introduced it has signed a brand new deal to license Bix2X SBA platform for Paycheck Safety Program loans, in addition to different SBA applications. Based in 2015, Fountainhead describes itself as a nationwide direct lender specializing in SBA 504, SBA 7(a), and standard low-LTV (<65%) loans. The corporate famous that it delivers business lending experiences for its debtors and referral companions on all of its mortgage applications.

“We had been based by among the most well-known, awarded, and skilled individuals within the SBA business, so our velocity, service and class are second to none.”

Fountainhead reported that the partnership will permit it to supply a totally digital expertise for its SMB shoppers and employees to “streamline” all elements of its lending course of – from software to closing/monitoring. Options of the Biz2X-Fountainhead Partnership embrace:

• Digital buyer dashboard permitting SMBs to use for PPP loans, in addition to all different Fountainhead-offered mortgage merchandise
• Ease-of-use for Fountainhead employees processing mortgage functions by way of a brand new employees portal out there with Biz2X
• Mortgage decisioning guidelines that incorporate the newest SBA steering on lending insurance policies for the Paycheck Safety Program
• Automated KYC and compliance checks that allow the nonbank lender to confirm customer-provided functions quicker and with much less effort by the corporate’s underwriting group

Talking concerning the collaboration, Rohit Arora, CEO of Biz2Credit and Biz2X, acknowledged:

“By adopting Biz2X Speed up SBA, Fountainhead could have direct entry to SBA’s on-line PPP software system utilizing Biz2X’s API, permitting for the quickest processing and mortgage approval occasions that may be supplied for these government-backed loans. Our Biz2X platform is absolutely automated and options state-of-the-art machine studying expertise that is ready to learn information from payrolls and financial institution statements and assist calculate mortgage and forgiveness quantities for the borrower.”

Chris Hurn, CEO and Founder, of Fountainhead, went on to conclude:

“The Biz2X Platform will assist us enhance the variety of funding requests we course of throughout all of our SBA lending applications. Biz2X will assist us course of mortgage functions promptly and securely. Specifically, for the subsequent spherical of PPP, we’re utilizing the platform to deal with the big variety of small companies we’re working with to offer entry to this crucial funding.”