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New Salesforce Solutions Help Lenders Provide Relief to Small Businesses

The U.S. government recently passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act)—legislation aimed at providing relief for businesses impacted by the coronavirus outbreak. Under the CARES Act, eligible small businesses can apply to the Paycheck Protection Program (PPP), which consists of funding to help them keep their workforces employed during the COVID-19 crisis.

With small businesses seeking more aid than ever before, lenders need technology platforms they can stand up quickly to meet the high volume of loan applications, while having the agility to address new requirements as the PPP evolves. With this in mind, Salesforce is launching a solution guide that acts as a template for lenders to help small businesses jumpstart their loan applications. This guide includes sample applications, workflows and data models, powered by Salesforce Financial Services Cloud (FSC), Community Cloud, Marketing Cloud, Einstein Analytics and Tableau. You can find the solution documentation, success resources architects and experts to get started on the SBA Lending Solution Trailblazer Community.

New Salesforce Solution Guide to Help Lenders Provide Relief to Small Businesses

To help lenders quickly respond to small businesses, the solution guide includes five components:

  • Loan Request Intake Portal: Lenders can quickly assess PPP eligibility and launch a digital portal for small businesses to submit applications with supporting documentation. Pulling directly from the intake SBA Loan 7(a) form, the portal pre-populates a customer profile and promptly asks for any additional information required for the request to be processed.
  • Loan Queue and Borrower Service: Small businesses can easily check the status of their loan applications and ask lenders questions. In addition, lenders can manage and prioritize application volumes with full visibility. Once the application is submitted, lenders can create service queues and cases to manage payout requests and a variety of loan servicing workflows such as payment deferrals and modification requests. Lenders can also route inquiries from small businesses with channels such as knowledge articles, SMS and chatbots, to reduce service wait times.
  • Integration with Borrower Loan Origination System: Lenders can integrate the intake loan application data from Salesforce into their loan origination systems, expediting downstream processes such as fulfillment and loan transactions.
  • Loan Forgiveness: Once small businesses receive funding, lenders can proactively reengage small businesses within the forgiveness window and guide them through the forgiveness request process, educating and delivering transparency throughout the journey.
  • Loan Portfolio Risk Analytics & Insights: Lenders can access reports and dashboards with insights critical to their decision making to minimize credit risk with views related to loan performance, payment history, and status of their PPP portfolio. Lenders can also manage operational risk with views into service requests and forgiveness pipelines.

How Partners are Innovating with Salesforce

There is not a one-size-fits-all approach for each lender. Salesforce is excited to see partners launching custom solutions built on the Salesforce Customer 360 Platform, helping ensure that different options are available and to provide greater flexibility when addressing individual customer profiles:

  • nCino offers an SBA Solution designed to provide small businesses with an end-to-end PPP loan process, from portal intake to funding to forgiveness workflow. This includes online application, on-boarding, workflows, document management, underwriting, E-Tran integration as well as a whole host of calculations, reports and post-funding functionality.
  • Q2 Cloud Lending released an end-to-end SBA solution—from application to origination to funding. The solution is built to offer intuitive borrower intake workflows, payroll tracking and loan coverage calculations, document preparation as well as critical loan servicing and forgiveness calculations.

Connect with Salesforce

  • SBA Lending Solution Trailblazer Group: find available architecture resources and experts
  • Financial Services Cloud Contact Form: connect with a Salesforce Financial Services account team member to assess the best solution fit for your needs
  • Ask an Expert: Salesforce SBA Lending Solution Virtual Events: access Salesforce experts to support your business through available webinars and office hours
  • These sample applications, workflows and data models are powered by Salesforce Financial Services Cloud (FSC), Community Cloud, Marketing Cloud, Einstein Analytics and Tableau. For more information on FSC, click here. For more information on Community Cloud, click here. For more information on Marketing Cloud, click here. For more information on Einstein Analytics, click here. For more information on Tableau, click here.

To stay up to date on Salesforce’s COVID-19 response, visit this resource page.


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