Through the recently-launched Paycheck Protection Program as part of the CARES Act, Modern Bank will provide businesses with less than 500 employees with loans up to USD 10 million to cover payroll costs, interest on mortgages, rent, and utilities. However, as evidenced by similar loan programs around the world, Modern Bank expects to see a dramatic influx of applications as hundreds of thousands of businesses rush to apply for the funding lifeline. To ensure it is able to efficiently manage this increase in demand, Modern Bank is partnering with OakNorth, which has designed an online workflow specifically for banks participating in the Paycheck Protection Program, to help with document collection and end-to-end process streamlining. It will also provide participating banks such as Modern Bank with additional operational capacity through pre-screening of applications.
The OakNorth Platform provides its bank partners with the insight and foresight they need to more holistically and profitably lend to the “Missing Middle” – the growth businesses who are the backbones of communities and economies globally. In order to support its bank partners who are participating in the PPP, OakNorth deployed an agile team to build a bespoke end-to-end solution. As a fully cloud-hosted solution, the Platform is easy and fast to deploy, enabling banks such as Modern Bank to begin taking their existing borrowers through the Program within hours. The Platform’s process design ensures that Modern Bank retains complete control of key decision-making and risk-management processes, including loan eligibility, authentication criteria and checks, compliance review, the credit decision, and the forgiveness eligibility and approval.
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