Zenoo exits the hackathon with a new tool to speed up PPP loan applications

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British tech company Zenoo (zenoo.com) has created a new solution to enable small businesses in America to quickly receive essential Paycheck Protection Program (PPP) loans during the COVID-19 crisis.

The technology was created during the Emergency Hackathon to Save Small Businesses in March, where the Alliance for Innovative Regulation (AIR) brought together more than 60 people representing more than 20 banks, fintech companies, nonprofit organizations. profit and other institutions in the United States and Europe.

Set up under the CARES (Coronavirus Aid, Relief and Economic Security) law, the Paycheck Protection Program is a rescue program allowing small businesses to remain active during the current crisis.

However, with the Small Business Administration (SBA) and the US Treasury Department requiring banks to process all requests within a tight deadline, the digital capabilities of financial institutions have struggled to cope with unprecedented pressure, leaving many many desperate companies unable to file the demands intended to keep them afloat.

The key issue has been the failure of financial institutions to have a robust and efficient digital onboarding process that allows clients to apply for loans such as PPP without physically entering a branch.

“There are very few banks that have solved the challenge of fast and efficient digital integration, the impact of which we are now seeing,” said Stuart Watkins, CEO of Zenoo. “And even when they have something in place, normally the technology is constructed in a way that is difficult to change quickly. With something like PPP lending, where regulations change on a daily basis, banks need instant adaptability and they are ill-prepared.

As the coronavirus crisis has hit American businesses hard, Zenoo has focused on creating solutions to help them tackle the effects of the coronavirus among businesses and the community.

It was this understanding of how technology can overcome the challenges of COVID-19 that led Zenoo to be asked by AIR to try and solve the PPP app issue during the March Hackathon to Save Small Businesses.

Watkins explained, “We were honored that the Alliance invited us to the Hackathon because we have so much respect for the work they do to protect and empower small businesses – something we are equally passionate about.

Zenoo worked three days and two nights on the challenge and managed to create a solution to quickly address the crucial issue of digital integration of large-scale PPP candidates.

Jo Ann Barefoot, CEO and Co-Founder of AIR, said: “We are delighted that Zenoo participated in the Hackathon and came up with a working solution to help deal with the small business crisis.

Zenoo’s ability to solve digital integration challenges originated four years ago when the leadership team began bringing together a group of experts from around the world to create the next generation of platform. digital integration.

The company set the bar high for its Dream Team technology, only hiring developers, designers and product managers who were at the top of their game and had extensive experience building digital integration solutions. .

From there, the company’s philosophy is key – solid technology, built by great people with one mission. This means highly motivated, laser-focused, cross-functional teams with individuals having the freedom to create.

Watkins added, “A lot of companies talk about solutions, but none of them came up with a real solution – we did. Zenoo always knew this need would become critical, but no one could ever have foreseen how. This is a very strong message that digital transformation must happen now. ”

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