Following a company rebrand and recent enhancements to its cloud-based document management software, Cirrus has announced that its customers have successfully accelerated the origination of more than $10 billion in loans and grants through its platform. The Cirrus portal has streamlined the loan application and funding process for many commercial real estate and SBA lenders, including those providing COVID-related relief in the wake of the global health crisis.
Cirrus’ cloud-based, API-enabled system supports the collaboration and collection of loan files to streamline and automate the entire document management process. Most recently, Cirrus unveiled its Intelligent Application™ enhancement, enabling sophisticated filtering and routing tools for multiple onboarding use cases within a financial institution.
With the help of Cirrus, Berkshire Bank successfully managed an influx of SBA loan requests, including 942 PPP loans on the first day of the program. Cirrus’ system supports collaboration throughout the entire loan process, positioning Berkshire Bank to eliminate the inefficiencies and delays that often hinder lenders’ overall accuracy, workload and response times.
Pursuit tapped Cirrus’ application and decision portal to power nearly $14 million in COVID-relief grants for 745 businesses through the Queens Small Business Grant Program. Cirrus also helped Pursuit disburse more than 575 loans through additional COVID-19 relief programs, including a NYC-based COVID relief program helping small businesses located in low-to-moderate income communities and a New York State operated loan fund.
“Our platform has proven to be a powerful, scalable tool in the management of deal flow and mitigation of ‘document chaos’ -- especially for those providing support to resource-strapped small business owners in a time of economic uncertainty,” said David Brooks, founder and CEO, Cirrus. “This is a testament to the need for innovative lending solutions and we look forward to continuing to deliver industry-leading tools to help FIs and their commercial and business banking customers more efficiently navigate the lending cycle.”
About Cirrus
Cirrus provides a digital client engagement tool that eliminates the “document chaos” associated with the management of commercial and SMB bank account onboarding and lending documentation to deliver a superior customer experience for clients in the financial services industry. Using a cloud-based, API-enabled system, financial institutions are able to create electronic checklists, collaborate on documents needed at each stage of the deal, upload sensitive documents quickly and securely, and easily view the status of the deal itself. Thoughtfully designed by bankers for bankers, Cirrus brings a policy-driven structure to its clients and is committed to returning 10 million hours of operational savings to the banking industry. For more information, visit www.cirrussecure.com.
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