DALLAS, TX – Banks around the nation are quickly maneuvering to be able to assist small businesses during this COVID-19 pandemic by providing loans through the recently signed Coronavirus Aid, Relief, and Economic Security (CARES) Act, the federal government’s just-passed $2 trillion stimulus package. Under the $2.2 trillion economic stimulus plan, $350 billion is earmarked for small businesses in the form of loan guarantees by the Small Business Administration (SBA).
Many banks do not have a secure platform for collecting and processing the application, forms and documents related to these loans, and the process of ramping up new systems can often be very time consuming. Ami Kassar, founder and CEO of Multifunding and an INC.com columnist, stated in a recent webinar aimed to help understand the CARES Act that “people are going to be angry starting next week because they can’t apply for these things. New systems will need to be built quickly, and clarification on application rules is likely to take at least a week.”
In an effort to help lenders efficiently respond to the influx of loan requests from small businesses across the country, Vault Rooms, a virtual data room provider, has created a set of template rooms within their platform pre-configured with the requirements of the various loan program to assist their bank / lending clients with this influx of SBA loan applicants.
The Vault Rooms platform contains capabilities that simplify the collection of documents and help banks meet social distancing requirements during the coronavirus outbreak by enabling loan applications to be processed 100% online. This set of features, called Request List Management (RLM), allows for a series of tasks to be created and assigned to a client applying for a loan that relate to the application(s) they need to complete, forms they need to fill out and varying documents they need to submit as part of the loan process.
“This is a stressful time for all small businesses, and we at Vault Rooms want to do our part to help fellow small businesses get the funds they need to stay open and to retain their employees, said Karen Perkins, CEO of Vault Rooms. “With our platform’s pre-configured templates, SBA lenders can easily create a space where applicants can see and respond to the tasks and document requests specific to the SBA loan program(s) for which they are applying.”
Lenders using Vault Rooms secure SOC-2 certified infrastructure will be able to easily assign pre-configured document collection tasks, monitor the completion of these tasks, and smooth out the application process by easily communicating additional needs with applicants. Vault Rooms can also be structured as a complete white-label user interface providing lenders the ability to showcase their brand while also serving applicants and clients quickly.
Vault Rooms, a virtual data room provider, is offering their platform at a steeply discounted package price. “Yes, this is our business, and we are here to make money, but I’m significantly discounting our services in order to come alongside fellow business owners in their time of need,” said Karen. “When we’re all on the other side of this, my hope is to have created several new long term and loyal customers that truly benefit from the services we offer.”
Lenders interested in learning more can request a demo on the company’s website.
About Vault Rooms
For more than 13 years, Vault Rooms has been an industry-leading cloud-based virtual data room provider, proudly facilitating tens of thousands of global M&A transactions across a wide range of industries. Business brokers, investment bankers, accountants, attorneys, private equity firms, and banks can safely collect, organize, share and track business-critical documents on the Vault Rooms platform 24/7/365