South Shore Bank is utilizing an end-to-end digital solution to increase efficiency during the Paycheck Protection Program (PPP) Loan Forgiveness Process. The community bank is partnering with “StreetShares” to streamline the forgiveness process after providing more than 1000 loans totaling an incredible $130 million through the first two rounds of PPP. South Shore Bank has been very aggressive getting money to business owners during the COVID-19 pandemic and views the StreetShares platform as a critical component to ensure the PPP Forgiveness Process is efficient and untroublesome for the borrowers and the bank itself.
StreetShares was founded in 2013 by a group of U.S. military veterans in 2013 to provide lending services to veterans and their families. However, in March of 2020, due to the COVID-19 pandemic, the group launched a tech solution for banks to use for PPP lending as well as forgiveness. South Shore Bank, like many other institutions, saw the definite upside of using fintech to automate its forgiveness process.
“Prior to developing our service platform, it would often take borrowers more than 3 hours to complete the PPP forgiveness paperwork, and oftentimes bring that to their bank,” said Sanjay Bhaskar, StreetShares Vice President of Business Development and Partnerships. “Our solution makes it easier for both borrowers and lenders to navigate and complete the lending and forgiveness process”.