wonderfully unique software solutions

Speed up loan approvals with e-documents and process automation

Small businesses are struggling not only to earn revenue but pay suppliers and staff against the backdrop of the COVID 19 pandemic — but DocuSign has some solutions to help lenders.

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.

Recent Articles

RealVNC remote-access highlighted by six finalists for Raspberry Pi prize

RealVNC, maker of RealVNC Connect, has named six finalists for this year's RealVNC Raspberry Pi Prize with winner and runners-up to be...

Cyberattack climate entails customised firewalling, notes Stormshield

Firewalling at the edge is no longer enough so organisations increasingly need to combine suitable location with segmentation and zero-trust strategies that...

Palm vein biometrics market set to explode this decade

The market for palm-vein based biometrics has been forecast to expand in line with a compounded annual growth rate of 22.4% from...

Automox targets unsigned scripts with PowerShell signing capability

Endpoint management company Automox is unveiling Worklets Signing, which complements Worklets and Ask Otto with a view to helping companies dodge the...

Arista warns SMBs to take precautions against edge threats

Arista Networks, the vendor of Arista Edge Threat Management (ETM) has warned that SMBs aren't always aware of the extent of targeting...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Weirdware monthly - Get the latest news in your inbox