Lenders are at the forefront of helping the economy through the COVID-19 crisis and we’re here to support you in that effort.
Our Business Entity Search for CARES Act allows lenders to quickly vet potential applicants to check if they are in good standing. This maximizes the opportunity to lend to businesses that need relief.
Large amounts of new loan funding brings with it an onslaught of applicants to vet. The challenge is to verify thousands of new entity names in a short enough period to effectively service customers — and before the complete pool of money allotted to this initiative is claimed.
Eligibility for a loan under the CARES Act is contingent on a business having been in operation on February 15, 2020. Our Business Entity Search conducts bulk/batch corporate identity searches to verify the business status of potential borrowers.
It’s simple: You provide a list of business entity names and states. The Business Entity Search will return the Business Entity Name, the Business Entity ID, State of Incorporation, Current Status, and Date of Incorporation.
Efficient monitoring and follow-up
Over the life of a lien, borrowers can change, lenders can be acquired, and any number of other changes can require adjustments to titles. Our reporting tools give you peace of mind by letting you know when updates are needed and what to do to stay perfected.
The CARES Act is creating enormous opportunity and SBA loan applications are already skyrocketing. The entire industry is trying to scale to take part in this process. We can help make the process smoother for you and your borrowers.
Lenders have an immediate need to perform speedy and accurate due diligence. This poses an additional challenge while they are already dealing with changes in the workforce including rotating shifts, fewer hours of connectivity to systems, and remote work-from-home employees.