The New York Credit Union Association has partnered 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 Paycheck Protection Program loan forgiveness.
The Small Business Administration’s Paycheck Protection Program was rolled out in March, as businesses across the country grappled with the coronavirus pandemic. However, the program has made headlines for its sometimes onerous or unclear requirements. In particular, the requirements surrounding the loan forgiveness process has led to confusion for lenders and borrowers alike.
Alpharank’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 NYCUA and its members,” said Alpharank CEO Brian Ley. “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.”
Approximately 40 credit unions in New York have offered businesses loans under the PPP, and questions surrounding the forgiveness process have been common.
“New York’s credit unions have been here to help members and businesses for over 100 years, and they continue to carry out their mission – even in the midst of a global pandemic that has disproportionally affected New York,” said NYCUA President/CEO William J. Mellin. “It’s no surprise that so many credit unions stepped up to assist businesses through the PPP, because it’s simply in their DNA. Alpharank’s solution will help ensure a smooth and simple PPP forgiveness process for both borrowers and lenders.”