Financial Institutions Can Streamline New Round of PPP Lending with Fiserv

Rhea-AI Summary

Fiserv (NASDAQ: FISV), a prominent financial services technology provider, is set to assist financial institutions in facilitating applications for the U.S. Small Business Administration's Paycheck Protection Program (PPP) loans. Following new funding signed into law on December 27, 2020, Fiserv has developed a streamlined platform to expedite the loan process. In 2020, the company supported over 100,000 loans to small businesses and is also providing affordable PPP forgiveness applications to Minority Depository Institutions. Fiserv aims to simplify the loan application process and deliver essential funds swiftly.

Positive

• Developed a streamlined platform for assisting with PPP loan applications.
• Facilitated over 100,000 loans to small businesses in 2020.
• Providing affordable forgiveness applications to Minority Depository Institutions.

Negative

• None.

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is ready to help financial institutions facilitate paycheck protection loan applications and service loans made through the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). New funding for the program was signed into law on December 27, 2020.

Fiserv has enabled PPP lending since the initial round of funding was made available in early 2020, and has remained engaged with the SBA as application, eligibility and submission requirements have been finalized for this latest round. Accordingly, Fiserv will offer an updated, streamlined platform that takes any adjustments into account, with the goal of expediting the nationwide process of delivering needed funds to small businesses.

In 2020, Fiserv worked with hundreds of financial institutions across the United States to help facilitate more than 100,000 loans to small businesses and has helped many of these organizations navigate the complex PPP loan forgiveness process, earning positive feedback from clients.

“Everything is online, easily stood-up, and intuitive,” said Richard Olson, senior vice president at Envision Bank. “The flows make sense and are completely logical for the bank customer and banker. That just makes everyone’s job easier and experience better.”

Fiserv is providing PPP lending support in conjunction with StreetShares, which offers business lending solutions technology to allow community banks and credit unions to affordably make small business loans with a 100% digital, omni-channel experience.

Fiserv also recently announced a program to provide free and lower-cost PPP forgiveness applications to Minority Depository Institutions and minority-owned businesses, and will also offer MDIs free and lower-cost access to this new end-to-end PPP offering.

“Our team has been working incredibly hard to ensure immediate access to this next round of funding for as many institutions and businesses as possible,” said Todd Horvath, group president of Account Processing at Fiserv. “We are confident that the approach we are taking will simplify the task of applying for and originating a loan and get relief to business owners, employees and communities as soon as possible.”

In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

Additional Resources:

• SBA PPP Lending from Fiserv – fisv.co/SBAPPP

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial services technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover^® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500^® Index and the FORTUNE^® 500, and is among the FORTUNE World’s Most Admired Companies^®. Visit fiserv.com and follow on social media for more information and the latest company news.

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FAQ

How is Fiserv (FISV) helping with PPP loans in 2021?

Fiserv is providing a streamlined platform to assist financial institutions with PPP loan applications and service loans under the newly funded program.

What has Fiserv accomplished regarding PPP in 2020?

In 2020, Fiserv helped facilitate over 100,000 loans to small businesses through the PPP.

What new offerings is Fiserv providing for Minority Depository Institutions?

Fiserv is offering free and lower-cost PPP forgiveness applications to Minority Depository Institutions and minority-owned businesses.

When was the new funding for PPP signed into law?

The new funding for the PPP was signed into law on December 27, 2020.