SBA Unveils Electronic Loan Application Program

WASHINGTON-The Small Business Administration recently announced that it has developed a new loan application solution for participating lenders. The electronic application system, known as E-Tran, is aimed at saving credit unions and other SBA lenders substantial time and resources when sending a loan application to SBA. In response to requests, SBA has opened up the E-Tran technology to software providers so loans can be submitted directly to SBA or through the software providers for immediate responses. SBA has introduced a number of methods to take advantage of E-Tran including a Web page where lenders can enter loan information for single loans; a secure Web site for multiple simultaneous applications via an XML (Extensible Markup Language) file transfer; and through software intermediaries. Bankers Systems, a leading provider of compliance resource solutions for financial organizations, will be the first provider in the SBA lending marketplace to take advantage of E-Tran through the company’s proprietary software, which is being released to participating lenders.