Free Access to Loan Participation Software for Banks Needing to Participate Out Some of Their PPP Loans
BankLabs helps banks serve communities during this difficult time
LITTLE ROCK, Ark., January 13, 2021 (Newswire.com) - BankLabs is offering free access to Participate, its loan participation automation platform, to help financial institutions manage the influx of PPP loans. This is a historic time for banks that are actively working to serve their communities by processing paycheck protection program loan applications as quickly as possible. To manage loan limits and their balance sheet, banks may participate some of their PPP loans out. By using Participate, financial institutions can cut down on the paperwork and process their own loans faster while also quickly selling or buying participations with other financial institutions.
How Participate Helps
Participate improves efficiency, saves money, and can help manage credit concentration risks. Participate is a single platform to manage all loan participations, existing or new, bought or sold. It allows originators and participants to digitize and share loan information, documents, automate workflow and e-sign. Participate cuts weeks off the traditional process, giving banks the additional liquidity and flexibility needed to serve their communities.
BankLabs Mission
BankLabs is committed to creating digital platforms that streamline loan processes for financial institutions so you can get back to what really matters - serving your community.
BankLabs and Participate are trademarks of BankLabs in the United States.
For more information:
Visit BankLabs.com or contact Felecia Hancock | 479-283-1835 | felecia.hancock@banklabs.com
Source: BankLabs