Independent Banker - November 2020 - 32

PORTFOLIO
COVID-19 accelerates
commercial loan automation
Lending
The huge surge in Paycheck
Protection Program applications
caused many community banks to adopt new
technology to speed up their commercial
loan processes. Rather than being temporary
measures, these solutions may stick around for
the long term. By Susan Springer
he Coronavirus Aid, Relief, and Economic
Security, or CARES, Act was a sea change
for commercial lenders. Faced with the tall task
of expeditiously fulfi lling millions of Paycheck
Protection Program (PPP) loans, thousands
of community banks jumped into action
earlier this year to serve existing-and new-
business customers.
Indeed, the number of certifi ed Small Business
30 Q ICBA Independent Banker Q November 2020
T
Quick stat
4,600
The number
of financial
institutions that
became newly
Small Business
Administrationcertified
lenders
between 2019
and 2020
Source: SBA data
Administration (SBA) lenders in 2020 was 4,600
higher than in 2019, as of June 30.
But the CARES Act didn't just create a lifeline of
loan money for small businesses. It also spurred
community banks to adopt and implement new
technology en masse. Community banks added
capabilities to their existing commercial lending
practices or sought vendors to automate or make
services more effi cient.
Charles Potts, ICBA's senior vice president
and chief innovation offi cer, says many banks
lacked the technology to automate those loans
as fast as their business customers needed,
so they onboarded new technology,
enlisted
noncommercial loan employees to meet the spike
and produced many times more loans under
crisis conditions.

Independent Banker - November 2020

Table of Contents for the Digital Edition of Independent Banker - November 2020

Table of Contents
Independent Banker - November 2020 - Intro
Independent Banker - November 2020 - Cover1
Independent Banker - November 2020 - Cover2
Independent Banker - November 2020 - Table of Contents
Independent Banker - November 2020 - 2
Independent Banker - November 2020 - 3
Independent Banker - November 2020 - 4
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Independent Banker - November 2020 - Cover3
Independent Banker - November 2020 - Cover4
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