Clients are fully operational and able to create digital loans in 1-2 weeks with Rapid Deployment Solution
eOriginal, the trusted leader in digital lending technology, today announced the launch of a Rapid Deployment Solution (RDS) to enable lenders to meet the SBA’s mandatory requirements for digital loans, and to be up and running in as little as one to two weeks. The Small Business Association (SBA) is administering the $349 billion Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Lenders must follow the SBA’s Standard Operating Procedures, which mandate that all loans are created, stored, and assigned in compliance with UETA, ESIGN, and UCC 9-105. In addition, all Safe Harbor provisions and five unique e-signature requirements must be met to ensure the SBA will guarantee their loans.
eOriginal’s proven platform enables lenders, investors, and their partners to create, manage and monetize digital loans, securely digitizing the lending process from the borrower to the secondary market. The platform uniquely provides Digital Asset Certainty – the assurance that digital loans meet and maintain the highest level of legal enforceability and compliance, including all SBA requirements. By creating an immutable “digital original” and an auditable chain of custody and evidence, eOriginal ensures secured party interest perfection throughout the entire digital loan lifecycle.
“With two live SBA customers already this week, eOriginal is committed to providing the most trusted and compliant solution for the SBA stimulus program,” said Brian Madocks, CEO of eOriginal. “Lenders are faced with a trifecta of fulfillment factors. “First, they need technology that will ensure they are fully compliant with SBA digital loan requirements. Second, they need to respond quickly to this new surge in SBA loan demand. And third, they need a technology solution that has been fully tested to support and scale this potentially unprecedented digital loan transaction volume. eOriginal has helped over 550 clients, many who are the top financial institutions in the world, do just that.”