Pegasystems Inc. announced the launch of a Crisis Small Business Lending reference application which helps financial institutions manage the thousands of emergency loan applications pouring in from small businesses seeking COVID-19 financial relief. Available to Pega Platform clients and configurable in just days, it comes with prebuilt templates reflecting new U.S. and U.K. crisis loan guidelines and can be easily customized to orchestrate crisis loan programs for other countries.
Financial institutions around the world are under extreme pressure to execute new government stimulus programs to help their small business customers stay afloat during the crisis. However, many banks are struggling to respond to a frenzied rush of loan applications and handle all the regulatory guidelines that come with it. Meanwhile, time is running out – shell-shocked small businesses are in desperate need of funding to pay employees and bills to survive the economic shutdown.
Available today for download on Pega Marketplace, the Crisis Small Business Lending reference application provides a framework for Pega clients to speed the loan process while reducing the burden on bank staff. By leveraging case management and automation, the solution helps banks dramatically improve processing efficiency – from application all the way through fulfillment. Intelligent web application forms dynamically check for eligibility and loan limits as customers fill them out, saving bank staff and customers valuable time. It also provides customers with complete visibility into the process while generating reports and audit trails so banks can comply with government guarantee and forgiveness plans.
This solution was inspired by feedback from many Pega Platform clients. Most notably, Bavarian Ministry of Economic Affairs developed its own application from scratch using Pega Platform in just five days. More than 100,000 Bavarian companies have already used the Pega-based system to apply for assistance.