Old Bridge-based Vikar Technologies, provider of workflow automation software with a focus on loan process automation, and Innovative Financing Solutions (IFS) on Monday said they partnered to assist lenders in meeting the demands and requirements for the Paycheck Protection Program Loan Forgiveness Process.
This joint offering will include the Vikar PPP Loan Forgiveness Application software and IFS’ consulting and advisory services. The entities estimate that forgiveness for at least two-thirds of these loans will be processed through this partnership.
The Vikar PPP Loan Forgiveness Application software automates the forgiveness loan application process. Key features include a borrower and lender portal and dashboard, guided wizard, data validations to help guide the borrower and lender through the input and verification process, document upload feature, electronic signature capabilities, preconfigured business rules, client communications, audit trail, and reporting.
To date, IFS, a lender consulting and business advisory firm and Small Business Administration and United States Department of Agriculture Loan Program expert, said it has assisted 24 of its lending partners in the processing of nearly 12,000 PPP applications – totaling approximately $1.4 bllion.
“The IFS mission is to implement innovative financing strategies and solutions that support the growth and long-term preservation of our lending partners and business clients,” said IFS President and Chief Executive Officer Michael Ryan. “We are excited to partner with Vikar and deliver an innovative modern rules-driven solution for the borrowers and lenders to streamline the PPP loan forgiveness process.”
With regulations and restrictions on PPP loan forgiveness continuing to evolve, lenders and borrowers are looking for solutions that adjust in real-time and adapt to changing SBA guidelines. The software minimizes errors and simplifies data entry, to maximize customer service without additional resources.
“We are thrilled to have IFS as a partner,” said Vikar CEO Glenn Bolstad. “IFS’s team of experienced consultants have years of proven success in conventional, alternative, and government guaranteed commercial lending, as well as, credit analysis and underwriting, and commercial loan administration. Together we offer a powerful and compelling solution for borrowers and lenders to quickly get through the PPP Loan Application forgiveness process with the correct and required information in a complete and auditable package.”