-Community banks can accept applications online, accept e-signatures to quickly aid businesses affected by the COVID-19 pandemic –
PADUCAH, KY., April 6, 2020 – Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of integrated financial technology solutions, has expanded its digital commercial loan services to provide community banks a streamlined, expedited origination process for the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP).
CSI’s core banking system fully supports SBA origination and servicing. In response to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed on March 27, the company is enabling the origination process of these loans through its partnership with RC Giltner Services, Inc. CSI banks can provide an end-to-end integrated digital lending solution for PPP loans to SBA-certified customers. The services include automated applications and e-sign documents, along with a unique website allowing each community bank’s customers to complete the loan process online.
“As soon as the CARES Act became law, CSI moved quickly to ensure that our bank customers could provide much-needed relief to the businesses in their community,” said Steve Powless, CSI’s chairman and CEO. “Small businesses are the backbone of our communities, and enabling them to maintain operations and retain staff during this economic and health crisis is one of the most important things we can help community banks achieve.”
The Treasury Department recently issued guidance for the PPP, providing the SBA $350 billion in loans to help small businesses retain employees during the COVID-19 pandemic. Starting April 3, eligible small businesses with 500 or fewer employees may apply for PPP loans. Independent contractors and self-employed workers may apply starting April 10.
To provide more information on PPP loans and how its digital lending solution supports them, CSI is hosting an informational webinar on April 7 at 10 a.m. CT.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, treasury management and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.