Boston-based bank successfully manages more than 900 loan applications on first day of Paycheck Protection Program (PPP) with Cirrus’ document management system
EVERGREEN, Colo.--(BUSINESS WIRE)--Cirrus, a provider of cloud-based document management software, announced that Berkshire Bank has selected the company’s enhanced secure document collection portal to help the bank manage an influx of SBA loan requests, including 942 PPP loans on the first day of the program.
“With the introduction of the Paycheck Protection Program, SBA shops essentially experienced 200 times the typical volume of loan requests versus what they are used to”
With the help of Cirrus, Berkshire Bank is positioned to eliminate the inefficiencies and delays that often hinder overall accuracy, workload and response times. Cirrus’ cloud-based system supports collaboration throughout the entire loan process by streamlining document management, ensuring Berkshire Bank and its customers have real-time status updates into the progress of each loan. From an operational standpoint, automating the collection and collaboration of loan documents allows Berkshire to better manage extensive loan requests and provide quicker access to capital for small businesses impacted by the Covid-19 pandemic.
“With the introduction of the Paycheck Protection Program, SBA shops essentially experienced 200 times the typical volume of loan requests versus what they are used to,” said David Brooks, founder and CEO, Cirrus. “Cirrus’ portal plays a key role in expediting the process of managing SBA loans, enabling Berkshire Bank to collaborate remotely, execute rapidly and scale quickly to efficiently address the influx in loan requests and alleviate the document chaos associated with SBA lending.”