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CreditSnap and eDOC Innovations announce free digital enablement product to help credit unions and banks activate COVID-19 stimulus business loan

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CreditSnap and eDoc Innovations help CUs and Banks
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.

SAN ANTONIO - eTradeWire -- Since the federal announcement of the Paycheck Protection Program (PPP), credit unions and banks have been working hard to enable the program for their business customers. Challenges were abound, however, as COVID-19 caused disruption to branch operations and created a sudden drain on technological resources now needed to retool web applications. This made it extremely hard for these institutions to swiftly accept applications. In just under seven days, CreditSnap and eDOC Innovations were able to quickly come together and deliver a FREE full digital enablement product that meets the needs of credit unions and banks.

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.

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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," said Deepak Polamarasetty, President and Co-Founder of CreditSnap Inc.

"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?
  1. Digital Acceptance: Ability for Customer's borrowers to submit a digital application for the Program using the SBA guidelines.

  2. Loan Applications Queue Management: Company will provide a cloud-based, secure employee portal that allows Customer's employees to i) see incoming applications, ii) manage the application queue, and iii) download the full application data for internal loan application processing.

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  3. Document Signing: Customer can provide the loan agreement that will be set up in the system, and Customer's employees can subsequently use the single-click capability in the employee portal to request digital e-signatures from the borrower on the loan agreement.
If you are interested in taking advantage of this offer, you can reach out to Deepak at deepak@creditsnap.com.

About CreditSnap
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/edoclogic/ or 800.425.7766 option 3.

Media Contact
Creditsnap Inc.
contact@creditsnap.com


Source: CreditSnap Inc.
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Filed Under: Finance, Banking, Covid19

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