{"id":410678,"date":"2021-01-07T15:10:45","date_gmt":"2021-01-07T20:10:45","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=410678"},"modified":"2021-01-07T15:10:45","modified_gmt":"2021-01-07T20:10:45","slug":"customers-bank-creates-white-label-turnkey-solution-empowering-lenders-to-participate-in-ppp-loan-programs","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/customers-bank-creates-white-label-turnkey-solution-empowering-lenders-to-participate-in-ppp-loan-programs\/","title":{"rendered":"Customers Bank Creates White Label Turnkey Solution Empowering Lenders to Participate in PPP Loan Programs"},"content":{"rendered":"

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Customers Bank Creates White Label Turnkey Solution Empowering Lenders to Participate in PPP Loan Programs<\/b><\/p>\n

WEST READING, Pa.–(BUSINESS WIRE<\/a>)–
\nCustomers Bank is offering banks, credit unions, community development financial institutions, minority deposit institutions, microfinance institutions, and other lenders and non-profits a \u201cwhite label\u201d turnkey end-to-end PPP origination, funding, and loan forgiveness solution.\n<\/p>\n

\nThere are numerous reports of PPP fatigue \u2013 lenders that simply do not have the capacity or desire to offer new PPP loans or PPP Second Draft loans to previous borrowers yet want to be responsive to their clients. Customers Bank will assist the clients of those banks with a seamless and mostly invisible process that leverages the bank\u2019s technology experience and prowess.\n<\/p>\n

\nCustomers Bank was one of a handful of traditional financial institutions that created a hybrid fintech model to support the SBA\u2019s initial round of Paycheck Protection Program loans to quickly get economic relief to small businesses across the country. By working with select fintech partners, the bank was able to participate in over 100,000 SBA-approved loans \u2013 fifth highest of all lenders in the nation \u2013 and provide an aggregate value of over $5 billion to small businesses.\n<\/p>\n

\n\u201cWe\u2019re part of an industry groups where we\u2019ve heard large and small institutions express concern about the reputational risk of not participating in the Second Draw PPP loans\u201d stated Sam Sidhu, Vice Chairman and Chief Operating Officer of Customers Bank. \u201cAt the same time, their management teams are struggling to justify participating in the new round of funding. This got us thinking about our productizing our model. We are already using this for ourselves, so we can help more small businesses by offering our solution to other lenders so thousands of banks don\u2019t need to reinvent the wheel.\u201d\n<\/p>\n

\nCustomers Bank made the decision to help other lenders in an effort to support a greater number of small businesses across the nation. The bank created the white label product to empower lenders to direct their clients to an online loan application for the Second Draft PPP loans. The online application will be branded for the lender, but as a service to its long-standing clients, Customers Bank will close and fund the loans into the customers deposit account at its existing insitution. Customers Bank will service the Second Draw loans and support the clients through the Loan Forgiveness process. The partner lender will maintain its relationship with their clients.\n<\/p>\n

\nAlready, a $50 billion bank has signed up for this service. One of the top-five banks in the nation is participating in the Second Draft PPP Loans but has entered into a referral relationship with Customers Bank for some of its customers for this service.\n<\/p>\n

\nHallmarks of the white label program are:\n<\/p>\n