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Vancouver-based FinTech startup company JUDI.AI's Digital Solution Processes Over $150 Million in CEBA Loan Applications
Friday, May 1, 2020
Vancouver, BC, May 1, 2020--(T-Net)--Vancouver-based FinTech startup company JUDI.AI announced that it rolled out a new digital solution to support online applications for the federal government's Canada Emergency Business Account (CEBA), for small business members of credit unions.
On March 27th, the Federal Government announced the $25 billion Canada Emergency Business Account (CEBA), as part of its loan and loan-guarantee program, the Business Credit Availability Program (BCAP), to support small businesses in the era of COVID-19.
This announcement left many financial institutions scrambling to produce a solution that would process the influx of online loan applications they were anticipating, according to the company. With local branches reducing operating hours and staff shifting to home offices, banks and credit unions were seeking to quickly develop a self-serve digital application process.
Since its inception, JUDI.AI says it has been working closely with its credit union clients to roll out a digital solution to support online CEBA applications to small business members. In a short period of time, JUDI.AI was able to develop, test, and deploy a digital solution in time for the official launch of the program earlier this month on April 9th.
To date, JUDI.AI's CEBA digital solution has processed thousands of applications at a value of over $150 million, contributing to the total loans funded to small businesses to date.
"During these unique times, it's an important business decision to make to steer slightly away from your short-term product roadmap in order to continue to support Canada's small business community," explains Gord Baizley, CEO of JUDI.AI.
"We have a platform that is engineered to enable us to be nimble and make rapid deployments - allowing us to adapt in real time to the current market demand for support in operationalizing the BCAP loan programs. Our entire team has been working around the clock in order to execute on these new developments and we are extremely happy to to be able to support the small business community and our valued lending customers through this situation. It's really been a great learning experience for our team."
As the government continues to work through executing on the Business Credit Availability Program (BCAP), the team at JUDI.AI says it is now preparing for the next wave of small business loan applications surrounding the BDC Co-Lending Program.
JUDI.AI has been working in partnership with its customers to ensure a solution will be available to the Canadian market that will support the underwriting of these loans, while also offering credit unions full visibility and tracking of these applications to help streamline government reporting.
"When COVID-19 arrived on our doorstep in Saskatchewan and there was a need to find a very quick solution to support our business members; one text message and a Zoom call with the whole JUDI.AI team was all it took. There was no hesitation about how they could help and the support they could provide to us. The care and flexibility they had in working with us to provide this solution in less than 2 weeks was remarkable. Today, we have funded in excess of $50 million in CEBA loans to Saskatchewan Business and JUDI.AI has been instrumental in our ability to do so." said Maggie Sinclair, Executive Vice President, Business Banking
Conexus Credit Union.
About JUDI.AI
JUDI.AI provides financial institutions with a configurable AI driven loan adjudication platform with a unified credit engine for SMB and consumer lending. We reduce the time it takes to process applications, helping you build a quality loan book quickly and efficiently. Our frictionless, multichannel application only takes minutes to complete and is accessible 24/7 online or in-branch to provide instant loan decisioning. Our platform is configured and calibrated to your credit policies and business rules across a variety of lending products, allowing your institution to create a scalable, standardized process. Automate your workflow to save your time and money, or increase deal flow, while making better risk decisions.
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