As part of the CARES Act, the Treasury Department and Federal Reserve have launched the Main Street Lending Program to enable up to $600 billion in new financing for medium-sized businesses. The program is designed for businesses with up to 10,000 employees or $2.5 billion in 2019 revenues, and will include facilities that fund both new term loans and expand on existing term loans.
Further information can be found on the Federal Reserve’s website
Our white-labelled solution
OakNorth has designed an online workflow solution specifically for banks participating in the program to help with: borrower document and attestation submission, data ingestion, eligibility checks, credit analysis, and loan monitoring. The solution is easy to deploy, enabling the bank to be live within 72 hours.
Ensures consistent document trail
Provides transparent analysis with clear criteria
Enables quick scenario analysis to factor COVID-19 impact and tracking of MSLP criteria
✓ Easy to deploy secure dedicated cloud hosted platform for banks to go live within 72 hours and prioritize existing customers
✓ 100+ domain models addressing 1600 sub-sectors with 30+ COVID-19 stress scenarios
✓ Bank-specific calibration for checks & documentation
✓ Full transparency providing consistent document trail across all aspects of the credit analysis process
✓ Enhances bank’s operational capacity and provides professional services support through the process
✓ No dependency on Bank systems for integrations
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