App development firm Unqork teamed with Deloitte Tuesday to simplify the distribution of loans to businesses in need of coronavirus relief.
The partners dubbed the concept “small business lending in a box” and plan to launch a “fully-managed small business lending service to digitize the end-to-end loan life cycle.” The service conforms to the requirements of the Paycheck Protection Program.
Unqork and Deloitte also entered into a partnership with Plaid to create an easy-to-use customer (borrower) platform that can be deployed in a matter of days and be customized by lenders.
“The challenges of processing $349 billion of loan volume in a few weeks has exposed the inadequacy of the technology platforms currently servicing the small business loan market,” Rabih Ramadi, head of Financial Services at Unqork, said in a statement. “It left most lenders with complex operational challenges resulting from legacy technology and manual processes and controls. This lending service addresses these inefficiencies by quickly getting small businesses the economic relief they need.”