Austin, Texas – (BUSINESS WIRE) –Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions in banking and credit, today announced the availability of its Paycheck Protection Program (PPP) solution for lenders participating in the next wave of US small business paychecks Administration (SBA) wish to participate in Protection Program (PPP). The funding, which is part of the latest Covid-19 aid package, which will be released on Jan.
Q2’s PPP solution has been on the market since PPP was first launched in April 2020. Automating the issuance and waiver process through a single system has helped lenders process significantly more loans than they could manually. As a result, lenders can provide vital relief to more businesses in their communities, attract new business customers, and maximize the profitability of PPP loans.
“The latest round of funding for PPP is an opportunity for credit institutions to empower and support their communities,” said Darpan Saini, senior vice president and general manager, Q2 Cloud Lending. “By using a digital solution, these lenders can reach so many more companies in dire need of financial relief. And lenders who are able to react quickly and focus on simplifying the borrower experience will have a significant competitive advantage in using PPP to attract new business customers. ”
The PPP solution consists of two pre-integrated modules, PPP Originate and PPP Forgiveness, which together offer a 100% digital experience for lenders and borrowers without personal interaction. For lenders, the system simplifies the management and fulfillment of PPP applications and automates the authorization and submission of SBAs. For borrowers, the system streamlines the application process, which can be completed in 90 seconds or less, so funds get to companies quickly.
Q2’s PPP solution can be implemented in less than five days, as was the case with OnPoint Credit Union in Portland, Oregon, which used the system to raise the seventh largest SBA in the first two rounds of PPP funding. To become the country’s lender.
“Participation in the Paycheck Protection Program let our community know that we are here to support them,” said Steve Leugers, SVP and chief credit officer at OnPoint Credit Union. “This is a critical time for credit institutions to serve businesses in the communities we serve, and Q2’s partnership has helped us serve thousands of new and existing members in their need.”
Q2 is committed to its mission to build strong and diverse communities by empowering their financial institutions and is honored to work with financial institutions in supporting local businesses and communities through PPP. For more information on Q2’s SBA Paycheck Protection Program solution, please visit https://learn.q2.com/ppp.
About Q2 Holdings, Inc.
Q2 is a financial background company dedicated to delivering digital banking and credit solutions to banks, credit unions, alternative finance and fintech companies in the US and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to offer every account holder a cohesive, secure and data-driven experience – from consumers to small businesses and businesses. Headquartered in Austin, Texas, with offices around the world, Q2 is publicly traded on the NYSE under the symbol QTWO. To learn more, please visit Q2.com.