Assembled Financial Technology (“Assembled Financial” or “AFT”), a leading financial technology company established by Assembled Brands and Fractal Technology, today announced it has formed a strategic partnership with the Los Angeles County Economic Development Corporation (“LAEDC”).
Under this strategic partnership, the LAEDC, which launched its Community Connectory program in April to help LA-based small and microbusinesses and nonprofits during the COVID-19 pandemic, including educating businesses and community lenders about new potential technology-based solutions to navigate local, state and federal relief measure processes, would introduce businesses and local lenders to a software solution that will enable borrowers to complete their forgiveness application quickly and allows banks to verify forgiveness much more efficiently.
With the LAEDC’s unwavering commitment to economic opportunity and inclusion, the partnership will serve to educate key constituents about new technologies while providing both small businesses and lenders with a potential way to streamline and simplify the Paycheck Protection Program (“PPP”) loan forgiveness process. AFT’s white-label, cloud software automates loan forgiveness processing and portfolio monitoring for regional and community banks, credit unions, and other non-bank lenders in the PPP.
Assembled Financial’s software was designed specifically for PPP forgiveness to seamlessly connect all stakeholders by equipping small businesses and banks with a highly automated platform that processes, validates and shares loan forgiveness applications directly with Small Business Administration for approval. As millions of small businesses begin to apply for loan forgiveness, the need for technology-based solutions that can increase capacity and reduce timing from start to finish has only grown.
“Lenders and borrowers alike are searching for an affordable, efficient, and effective solution specifically designed for PPP loan forgiveness,” said Adam Pritzker, Founder and CEO of Assembled Brands. “The Federal Government has a portfolio of $600B of loans, which it deployed through banks, that needs to be audited. We look forward to being a small part of helping community and regional banks adopt technology to make their loan officers more efficient in processing applications and their borrowers more confident in their applications.”
“Small businesses and nonprofits that have been doing right by their employees are now depending on PPP loan forgiveness as they look towards recovery, and the sheer magnitude of verification processing presents real challenges for lenders,” said Dave Flaks, President and COO of LAEDC. “We see real value in making sure those lenders have access to a solution to accomplish this important work efficiently.”
