Effectively managing CARES Act/Payroll Protection Program (PPP) loans through integration with Salesforce™ and SBA’s E-Tran system
A leading commercial mortgage business, specializing in small to middle-market commercial properties, prides itself on speed, flexibility, and creative financing options. When they began submitting PPP loan applications to the Small Business Administration's E-Tran system, they realized they lacked an efficient means of submitting loan applications. Their employees were spending countless hours rekeying the information due to a lack of integration and needed a fast solution to meet their clients’ urgent needs.
Client
Financial Services
Banking
Idaho
Solution
Integration
Salesforce™ Product
Sales Cloud
Integrations
SBA E-Tran System
Our Approach
With niche expertise in designing solutions on the Salesforce™ platform for financial services clients, Vantage Point partnered with the lender to solve this integration problem. Vantage Point designed and developed the solution that exports the PPP application details from Salesforce™ into the E-Tran XML format, which can then automatically upload into the SBA's E-Tran system.
Actions & Impact
Devised a solution to cut down the loan submission process from minutes to seconds
Streamlined loan submission capability allowed for lender to focus on customer experience in wake of COVID-19 uncertainty
Implemented and deployed solution in under 1-week
Challenges
Massive influx of SBA 7(a) PPP loan applications
Labor intensive manual data entry necessary to submit loan application via SBA e-Tran system (up to 15-minutes per application)
High-cost to process applications was compromising lender’s ability to meet borrowers sense of urgency
Missing critical opportunities to serve existing and new customers
Ultimately, this automated solution for PPP applications, rather than being re-keyed into E-Tran, which could take up to 15-minutes per request, is now uploaded into E-Tran using E-Trans approved XML upload process.
