72. Saving the Day: Automating SBA PPP Loans to Support the Economy
Building a solution to help small businesses is a noble cause, but to be able to help tens of thousands of businesses supporting hundreds of thousands of workers is amazing.
On this episode, Michael Marchuk talks with Pawan Jadhav, founder and CEO of Lateetud, about how they built a solution to support banks both originating and forgiving Small Business Administration (SBA) Paycheck Protection Program (PPP) loans using highly efficient digital workers to help expedite the funding that so many small businesses desperately needed to stay afloat during a pandemic.
Here’s what we talked with Pawan about:
- How the inefficiencies in processing loans affected banks and their clients looking for PPP loans.
- Why building a solution with digital workers was the best way to handle the loan origination and forgiveness processing.
- What banks needed to do after crashing the SBA lending application site.
- Where banks should start when considering automation program.