Strategic Link Partners with Alpharank to Help Credit Unions Automate PPP Loan Forgiveness
May 26, 2020
In March, the Small Business Administration stepped up its efforts to save small businesses from bankruptcy and long-term shutdowns with its Paycheck Protection Program (PPP), which provides billions of dollars in forgivable loans to small-business owners struggling amid the pandemic.
However, with the PPP being so new, navigating the complex guidelines for forgiveness can be tricky for both borrowers and lenders. Borrowers may have difficulty calculating their loan forgiveness and tracking allowable expenses, causing headaches for lenders approving applications.
To help mitigate this hurdle, Strategic Link is pleased to announce its partnership with Alpharank, a best-in-class solution for member journey mapping and attribution. Alpharank provides a no-code solution for credit unions to help with digital performance, conversions in online account opening, loan origination, and PPP forgiveness.
The Strategic Link partner’s automated PPP forgiveness platform walks borrowers through the entire forgiveness reporting process in simple steps, accurately gathering pertinent documentation and linking it to financial statements provided by the credit union, thus reducing the potential for fraud.
“We believe that the Alpharank automated program is going to be a great addition to NWCUA and its members. With the Amazon-like experience that our program provides, this will cut down on time and budget costs simultaneously. Plus, we believe that the reputation of the lenders will remain intact, and members’ stress levels will be dramatically reduced. Everyone wins.”
— Brian Ley, Alpharank CEO
Jason Smith, Vice President of Strategic Partnerships, could not agree more.
“Strategic Link’s partnership with Alpharank comes at a critical time when credit unions are working around the clock to help small business owners secure essential financial relief,” said Smith. “Streamlining the loan forgiveness process is just one more way credit unions can reduce strain on their members and employees during this difficult time.”