Customers Bank opens a PPP loan application portal; Will also provide a turnkey white label solution for other lenders


Customers Bank (NYSE: CUBI), one of the country’s leading 2020 Paycheck Protection Program (PPP) lenders, began receiving applications last night for the new round of government-guaranteed loans designed to help small businesses keep their jobs with wages and health benefits. . The bank has participated in more than 100,000 PPP loans totaling more than $ 5 billion in the first rounds of PPP and expects it will participate in tens of thousands of additional PPP loans in 2021.

Customers Bank, known for its technological mastery and digital approach to banking, has built a platform that integrates loan origination, funding, service and remittance – a dynamic end-to-end system available for nationwide individual business customers; and other lenders. Best of all, the platform integrates the expertise and personal attention of career bankers as needed.

“We are delighted to announce that our website for PPP loan applications is open for business,” said Chairman Jay Sidhu. “We are one of the first banks to start taking loans. Our entire bank is working with our FinTech partners to provide PPP loans to tens of thousands of small and medium businesses across America fastest possible.” The app and links to more information are available on the bank’s home page at www.banqueclients.com.

Many banks offered PPP loans to their customers after the passage of the CARES Act at the start of the COVID pandemic, but it soon became apparent that many small businesses, sole proprietors, “gig economy” and other entrepreneurs who working hard do not have a traditional banking relationship with a fully regulated, government chartered financial institution. It is into this gap that fintechs, companies with cutting-edge technological skills and a strong online marketing presence, have intervened. These companies were well positioned to help small businesses and entrepreneurs with a user-friendly online loan application process. Fintechs, however, were less able to handle all the intricacies of taking out a government-guaranteed loan – and lacked access to the capital required for financing. Customers Bank Vice President Sam Sidhu pioneered a hybrid bank-fintech partnership that pioneered a scalable model to serve small businesses nationwide.

PPP has provided us with “an opportunity to strengthen our national presence and a national brand among small businesses and acquire longer term customers,” said Sam Sidhu. “We’ve had a lot of sole proprietors; many companies with less than five employees. Using what we learned from the first PPP cycles, we have built an even stronger program. “

Jay Sidhu describes it as a patriotic obligation: “We see it as our duty to mobilize for the benefit of all American small businesses struggling with the pandemic. We invite all businesses across America to contact us if they are. having difficulty getting to the SBA for their PPP loans. “

Customers Bank is so confident in its capabilities that it has launched a “white label” program to deliver an end-to-end turnkey PPP solution to banks, credit unions, community development financial institutions, other lenders and credit organizations. members such as chambers of commerce. . Already several major lenders, including a ‘top five’ bank, a $ 50 billion bank and a nationally recognized fintech have become partners in this effort by using the Customers Bank platform to provide PPP loans to tens of thousands of people. ‘borrowers.

“It’s simple and plug-and-play,” explained Sam Sidhu. “There is no technological integration. There will be a landing page with the bank logo through which customers will enter the app workflow that we have built with our partners. The customer will not know that it is not their bank until the end of the process. “Customers Bank’s partner banks will retain their customers; Customers Bank will not solicit borrowers for other financial services. You can find more information on the ‘white label’ program. here.

About the customer bank

Customers Bank, a subsidiary of Customers Bancorp, Inc., a banking holding company, is a full-service community super bank with assets of approximately $ 18.8 billion as of September 30, 2020. A member of the Reserve System Federal with Federally Insured Deposits A Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and individuals. families. Services and products are available wherever permitted by law through digital applications, online portals, and a network of offices and branches. Clients Bancorp, Inc.’s common voting shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information is available on the company’s website, www.banqueclients.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210112005863/en/

Contacts

Sam sidhu
Vice President and Chief Operating Officer
610-780-6021