GDS Link offers banks instant digital application for Paycheck Protection Program
Dallas – April 3, 2020 – Long time global leader in credit risk management and digital lending, GDS Link, has announced the release of an online digital loan application for the U.S. Government’s Paycheck Protection Program. The application will allow banks to immediately support their small business customers with a digitized loan experience, removing the need to fill in a paper application or apply at a physical branch.
The GDS Link solution is fully compliant with all requirements of the loan application, as required by the federal government. The application includes robust fraud detection capabilities, leverages bank transaction data for additional KYC checks, allows for required document upload, loan amount calculation based on eligibility and more.
“GDS Link is a valued partner in the lending space. As such, it is important for us to help the banking community navigate these unprecedented times. This platform will allow banks to immediately reach their SMB customer base with a mobile-ready, online, streamlined application process to get funds into the hands of the small businesses they serve. The current crisis has heightened the need for banks to fast track their move from brick to click, and our solution is an important step in that journey,” said GDS Link CEO, Paul Greenwood.
The CARES Act expands the ability to obtain loans under Section 7(a) of the Small Business Act through a new $349 billion Paycheck Protection Program. Under the program, a number of companies will be eligible for these loans, including small businesses, nonprofits, self-employed professionals, sole proprietors, and independent contractors, as well businesses in the accommodation and food services sector and veterans organizations with fewer than 500 employees per location. The loans can be used to cover payroll, health care costs, mortgage interest payments, rent and utility payments and interest on pre-existing debt obligations. Loans are available to eligible borrowers under the program through June 30, 2020.
About GDS Link:
GDS Link is a global leader in credit risk management, providing tailored software solutions and analytical and consulting services. Our customer-centric risk management and process-automation platforms are designed for the modern lender in their pursuit to capitalize on the entire credit lifecycle. By providing a personal, consultative approach and leveraging our own industry-leading knowledge and expertise, GDS Link’s solutions and services deliver exceptional value and proven results to thousands of clients around the world.