Fri.Apr 03, 2020

Fintechs launch SBA PPP platforms amid stimulus scramble

Bank Innovation

As banks scramble to stand up digital interfaces and participate in the SBA Paycheck Protection Program (PPP) that launched today, fintech providers are rolling out different technology platforms to help lenders process the flood of small business loan applications.

Want to Become an SBA Paycheck Protection Program Lender?

Abrigo

Key Takeaways The SBA has provided guidance for lenders to apply to become PPP lenders. It has provided instructions for lenders that are not active SBA lenders.and those that have a form 750. The SBA is also offering guidance on signing up for E-Tran.

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Fintechs, lacking guidance, pivot to SBA loans 

Bank Innovation

Treasury Secretary Steve Mnuchin last weekend confirmed “any fintech lender” will be authorized to make small business loans as part of the Coronavirus Aid, Relieve and Economic Security (CARES) Act.

Bank Of America Boasts $22B In Bailout Loans

PYMNTS

It was a phenomenal Friday (April 3) for Bank of America. The Charlotte-based global lender told CNBC that 85,000 customers have applied for $22.2 billion in loans since online applications became available starting at 8:45 a.m. to help small businesses survive the downturn from COVID-19.

ABCs of Data Normalization for B2B Marketers

Data normalization. It’s not a far stretch to suggest that the topic isn’t exactly what gets marketers excited in their day-to-day workflow. However, if lead generation, reporting, and measuring ROI is important to your marketing team, then data normalization matters - a lot. In this eBook, we’ll break down the ins and outs of data normalization and review why it’s so critical for your marketing strategies and goals!

Weekly Wrap: PPP ramp up dominates the credit industry

Bank Innovation

The Small Business Administration’s Paycheck Protection Program went live today, and confusion reigned. Despite shelter-in-place mandates for better than 80% of Americans, some banks urged prospective borrowers to come into branches to fill out an application.

More Trending

Could digital delivery of coronavirus stimulus create new problems?

Payments Source

The U.S. Treasury is talking to digital payments providers about quick ways to disburse funds to recipients of stimulus checks within a couple of weeks, but payments industry experts foresee troubling security issues even with most of the obvious options.

Pelosi Calls For More Small Business Funding In COVID-19 Relief

PYMNTS

Not content with the $2 trillion in coronavirus relief Congress passed last week, House Speaker Nancy Pelosi (D-Calif.) wants more small business loan funding, additional direct payments to individuals and an extension of enhanced unemployment insurance, CNBC reported.

Crossing the Chasm – Compassionate Lending in a Time of Need

Strategically Speaking

We awake each day with the realization that we are living in extraordinary times. It can often seem surreal as we try to wrap our minds around the challenges that we face. But together we will face them. Our world is currently fighting a battle on two fronts.

Installment Payments Push Sports-Equipment Sales Over The Finish Line

PYMNTS

Buy now pay later (BNPL) solutions are more popular than ever, allowing consumers to avoid paying at the point of purchase and instead doing so in increments over several weeks.

The 2019 Technographic Data Report for B2B Sales Organizations

In this report, ZoomInfo substantiates the assertion that technographic data is a vital resource for sales teams. In fact, the majority of respondents agree—with 72.3% reporting that technographic data is either somewhat important or very important to their organization. The reason for this is simple—sales teams value technographic data because it makes essential selling activities easier and more efficient.

6 technology silver linings in the dark Coronavirus cloud

Daily Fintech

It is human nature to seek a silver lining in what is obviously a very dark cloud. This is the third in our series on how Coronavirus is changing our world. The first looked at how this is crashing legacy financial markets. This was the destructive part of creative destruction.

The Week In Payments: What The New Normal Will Look Like When It Comes

PYMNTS

It is impossible at this point to write the week in payments (commerce, financial services and technology) without writing about COVID-19.

This Week in Fintech ending 3 April 2020

Daily Fintech

This weekly summary from our 5 experts, brings you insights based on their experience as investors, entrepreneurs & executives. Ilias Hatzis started his first company, an internet search engine, during the dot-com era & now focusses on crypto.

Mnuchin: Community Banks Processed Almost All $875M+ In Relief

PYMNTS

In a social media post, U.S. Treasury Secretary Steven Mnuchin said community banks have helped process many of the small business Paycheck Protection Program (PPP) loans. The relief is meant to support the economy during the worldwide COVID-19 pandemic, CNBC reported.

The Time-Saving Power of Intent Data for Sales

By using the power of intent data, capturing buyer interest has become more feasible for sales. Not only that, but using it will save immense time during your workflow; a win-win on all fronts.

The Telework-Ready Bank

ABA Community Banking

How one bank ensured it could go 100 percent work-from-home in response to the pandemic—without missing a beat. The post The Telework-Ready Bank appeared first on ABA Banking Journal.

UK Expands Non-Payment Protection For Exporters

PYMNTS

To protect exporters from the risk of not receiving payment if clients can’t pay their debts, the U.K. is growing the purview of its export insurance policy. The country joins other nations that have offered supply chain insurance support, The New York Times reported.

Bonus Podcast: Questions and Answers on the SBA PPP

ABA Community Banking

Bankers have lots of questions about the Small Business Administration's new Paycheck Protection Program, which launched today to deliver up to $349 billion to small businesses struggling with the economic fallout from the coronavirus pandemic.

How ISVs And PayFacs Can Survive — And Even Thrive — During A Recession

PYMNTS

The ongoing coronavirus pandemic and resulting economic crisis are reshaping the way business is done — and the way we pay. A recession is almost certainly taking shape.

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How ZoomInfo Enhances Your Database Management Strategy

Forward-thinking marketing organizations have continuously invested in a database strategy for enabling marketing processes. Download this ebook to learn how to maintain a strategy that includes refreshed information, database cleanses, and an accurate analysis at the same time.

Small banks struggle to get SBA to return calls, process emergency loans

American Banker

While the federal government is touting the early success of the Paycheck Protection Program, community banks are complaining about headaches and glitches. SBA Community banking Treasury Department Small business

Bank Of America Can Now Accept Small Business Relief Applications

PYMNTS

Bank of America has reportedly become the first large bank to be able to take digital applications for the $350 billion small business loan program that is part of the government’s coronavirus relief package. The financial institution’s portal went online at approximately 9 a.m.

BofA offers emergency loans to borrowers first, freezing out depositors

American Banker

The decision sparked outrage from small-business owners who have checking accounts with the bank but not loans or business credit cards.

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Startup Debuts Thermal Wellness Tech, Right When The World Needs It

PYMNTS

It’s June 2013. Barack Obama is president. The Purge” rules the box office. Wuhan is known only as the transportation hub of central China. And a young MIT engineering student named Sam Shames is bored. “We

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How ZoomInfo Enhances Your ABM Strategy

For marketing teams to develop a successful account-based marketing strategy, they need to ensure good data is housed within its Customer Relationship Management (CRM) software. More specifically, updated data can help organizations outline key accounts for their campaigns. And to begin the targeting process, marketing teams must develop an Ideal Customer Profile (ICP) with appropriate firmographic and behavioral data to ensure they’re going after the correct audience.Download this eBook to learn how to start improving your marketing team's data!

How to Become an SBA Lender for the CARES Act’s Paycheck Protection Program

Banking Exchange

Thankfully, the Small Business Administration (SBA) and Treasury Department finally released details Compliance Lines of Business Management Feature3 Feature Financial Trends Duties Retail Banking People The Economy Fair Lending. 1Compliance

Amazon To Postpone Prime Day Amid COVID-19

PYMNTS

Amid the coronavirus, Amazon is delaying its Prime Day summer shopping event to August at the soonest and foresees a possible $100 million impact from extra devices it could possibly now have to offer at a reduced price.

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To Avail Moratorium Or Not? Find Out

BankBazaar

The RBI’s loan deferment announcement amid the COVID-19 outbreak is a welcome relief to borrowers. However, consider these details before you take a decision to either avail the moratorium or continue paying your EMIs.

Sweden Joins ECB’s Real-Time Payments Platform

PYMNTS

Sweden is the latest country to join the European Central Bank’s (ECB) instant payments platform in an effort to ease electronic payments.

Data-Driven Marketing 101

This eBook highlights how data-driven strategies empower marketing campaigns through personalization tactics.