Lenders dealing with increased applications from businesses of all sizes can benefit from digitising the steps that create a remote loan processing workflow, getting critical funds where they are most needed in a time of crisis.
Loans approval processes are typically complex and often come with a series of labour-intensive steps in even a standard agreement process, DocuSign points out in a blog post, giving the USA’s process for allocating funds under its Coronavirus Aid, Relief and Economic Stimulus (CARES) Act as an example.
“Lenders can reduce, if not avoid, paper-based processes that require manual resources to process and complete, eliminate bottlenecks that can delay agreements, reduce errors that accompany manual data entry and ensure compliance with security standards,” explains DocuSign.
Businesses processed for a loan under the rules of the new US CARE stimulus package stand to secure up to $2 million in assistance, based on an assessment of the individual business’s economic importance.
DocuSign’s digital system of agreement automates the creation of digital forms, prefilling relevant information based on integrations with other systems; implements e-signatures that make it simpler and more secure to complete the forms; automates steps in the loan submission process; and stores completed forms in the cloud for easy searchability and access.
DocuSign also provides ID verification and contract lifecycle management and offers mobile device support.
Many smaller businesses, notes DocuSign, won’t have enough liquidity to cover their costs for more than a few weeks without fresh revenue. They may need to go elsewhere for funding if they cannot source funding in time.
In the US alone, some 30 million small businesses are likely to need access to CARES Act funding, notes DocuSign.
DocuSign technology is certified against robust regulatory and industry standards including SOC1, SOC2 and PCI compliance.
Obviously, healthcare teams are also under particular pressure during the pandemic – and DocuSign feels its solutions may help in this sector too, with more staff working remotely. Automating and digitising routine paperwork may assist to free up time and boost efficiency, notes DocuSign.