Abrigo Helps Community Financial Institutions Secure More than $6 Billion in PPP Loans in 2021
AUSTIN, Texas, Feb. 3, 2021 /PRNewswire/ -- Abrigo is proud to announce that it has helped community financial institutions secure more than 53,000 Paycheck Protection Program (PPP) loans totaling more than $6 billion through its Abrigo PPP Solution since the latest round of the program opened January 11, 2021. Abrigo has enabled more than 380 financial institutions to originate nearly $40 billion in PPP loans for 335,000 small businesses, impacting an estimated 1.8 million jobs since the PPP launched in April 2020.
The latest round of PPP lending enables financial institutions to provide loans to first- and second-time borrowers, a change from the earlier rounds of the PPP. Abrigo quickly updated its platform to meet the needs of the latest guidance and new borrower and lender forms. Customers leveraging the Abrigo PPP solution for origination have simplified and automated the underwriting processes, so they've been able to manage the volume of applications and get capital into the hands of small business owners quickly.
Southwestern National Bank adopted Abrigo's PPP Solution to strengthen its ability to quickly respond to customer needs. "This partnership enables us to help our customers at a much faster pace and make a real difference in our community," said Ajit Singh, CIO at Southwestern National Bank.
Serving community financial institutions and communities has always been a top priority for Abrigo. These institutions have been the backbone of the PPP, helping customers that are not always served by the largest banks. Based on the latest Small Business Administration (SBA) PPP loan amounts for community financial institutions under $10 billion, Abrigo's customers account for 15% of their total loan volume in the latest round of funding. Community banks and credit unions leveraging the Abrigo PPP Solution offer their customers and members a seamless, automated experience without sacrificing their customer focus.
Traditionally, lenders working with the SBA must submit loans for approval through the government's E-Tran system, which can involve repeated data entry and frustrating wait times during submission. With Abrigo's technology, however, borrowers fill out applications directly on the financial institution's website, then the application data is submitted directly through Abrigo's API to the SBA lending platform. While it takes the SBA approximately 24 hours to vet applications and issue a response regarding PPP approval, lenders are able to continue working on their pipelines and serving customers.
Seth Wheatley, SVP, SBA Operations at Mountain America Credit Union, said that while the hours have been long during PPP, positive members' feedback and knowing the difference the funds will make to enable members to focus on their business and keep employees on their payroll has been inspiring. One member reached out recently after submitting an application using Abrigo's technology on the credit union's website. "The portal was amazing and so simplified... the user experience (so far) was the best I've ever seen," the member wrote. "Looking forward to getting at these funds. They will be a huge help."
Last week, the SBA and Treasury issued new loan forgiveness applications. Like it did for origination, the Abrigo PPP Solution for forgiveness and administration will include updated forms and guidance for forgiveness. Lenders working with Abrigo have already helped 86,000 small business owners receive forgiven PPP loans totaling $9.6 billion.
Abrigo will continue to keep financial institutions updated on the latest PPP news through ongoing communication. Nearly 86,000 people have referenced Abrigo's whitepapers, checklists, FAQs, and webinars to guide them through PPP thus far. Community financial institutions seeking more information and resources regarding the Paycheck Protection Program can visit Abrigo's PPP Resources page. To learn more about leveraging the Abrigo PPP Solution for origination and forgiveness, talk to an Abrigo expert.
About Abrigo
Abrigo is a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions that community financial institutions use to manage risk and drive growth. Our software automates key processes – from anti-money laundering to asset/liability management to fraud detection to lending solutions – empowering our customers by addressing their Enterprise Risk Management needs. Visit www.abrigo.com to learn more. Follow Abrigo on social media using https://twitter.com/WeAreAbrigo.
SOURCE Abrigo
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