Austin, Texas, February 3, 2021 – Abrigo is proud to announce that it has helped community financial institutions secure more than 53,000 Paycheck Protection Program (PPP) loans totaling more than $6 billion through its Abrigo PPP Solution since the latest round of the program opened January 11, 2021. Abrigo has enabled more than 380 financial
institutions to originate nearly $40 billion in PPP loans for 335,000 small businesses, impacting an estimated 1.8 million jobs since the PPP launched in April 2020.
The latest round of PPP lending enables financial institutions to provide loans to first- and second-time borrowers, a change from the earlier rounds of the PPP. Abrigo quickly updated its platform to meet the needs of the latest guidance and new borrower and lender forms. Customers leveraging the Abrigo PPP solution for origination have simplified and
automated the underwriting processes, so they’ve been able to manage the volume of applications and get capital into the hands of small business owners quickly.
Southwestern National Bank adopted Abrigo’s PPP Solution to strengthen its ability to quickly respond to customer needs. “This partnership enables us to help our customers at a much faster pace and make a real difference in our community,” said Ajit Singh, CIO at Southwestern National Bank. Serving community financial institutions and communities has always been a top priority for Abrigo. These institutions have been the backbone of the PPP, helping customers that are not always served by the largest banks. Based on the latest Small Business Administration (SBA) PPP loan amounts for community financial institutions under $10 billion, Abrigo’s customers account for 15% of their total loan volume in the latest round of funding. Community banks and credit unions leveraging the Abrigo PPP Solution offer their customers and members a seamless, automated experience without sacrificing their customer focus.
Abrigo is a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions that
community financial institutions use to manage risk and drive growth. Our software automates key processes – from antimoney laundering to asset/liability management to fraud detection to lending solutions – empowering our customers by addressing their Enterprise Risk Management needs. Visit www.abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.
OriTrust's PPP Fast Application is a powerful bank developed tool that can help its members fast-track PPP lending and is very straightforward and simple to use. It helps with making sure the bank is collecting all the required information and with the ongoing monitoring of information to ensure each borrower obtains loan forgiveness.