We are Singular Central Bank is a family-owned institution rooted in the heartlands of Iowa and South Dakota. They have recently embarked on a modernization journey to better serve its communities.
In the wake of the 2020 Covid-19 pandemic, small and medium-sized businesses faced unprecedented challenges. The US federal government introduced the Paycheck Protection Program (PPP) through the CARES Act, offering a financial lifeline. However, the intricate regulations and complex application process posed hurdles for both banks and borrowers. Sensing an opportunity to make a difference, our team stepped in.
Partnering with Central Bank of Iowa, we conducted a thorough review, mapping every step to create a user-friendly solution. Collaborating with Central Bank's specialists, we designed a streamlined system, eliminating manual effort and ensuring compliance.
Armed with insights into the application process, our team developed an automated system for PPP loans. This solution not only automated form-filling but also flagged eligible expenses and calculated loan forgiveness. Accessible on a user-friendly back-end system, our technology empowered bank employees to make quick decisions and facilitated thorough reviews by compliance officers.
This is a post written in Markdown.