Berkshire Bank Taps Cirrus to Support Small Business and PPP-Related Lending Initiatives

Boston-based bank successfully manages more than 900 loan applications on first day of Paycheck Protection Program (PPP) with Cirrus’ document management system

EVERGREEN, Colo.--(BUSINESS WIRE)--Cirrus, a provider of cloud-based document management software, announced that Berkshire Bank has selected the company’s enhanced secure document collection portal to help the bank manage an influx of SBA loan requests, including 942 PPP loans on the first day of the program.

With the help of Cirrus, Berkshire Bank is positioned to eliminate the inefficiencies and delays that often hinder overall accuracy, workload and response times. Cirrus’ cloud-based system supports collaboration throughout the entire loan process by streamlining document management, ensuring Berkshire Bank and its customers have real-time status updates into the progress of each loan. From an operational standpoint, automating the collection and collaboration of loan documents allows Berkshire to better manage extensive loan requests and provide quicker access to capital for small businesses impacted by the Covid-19 pandemic.

“With the introduction of the Paycheck Protection Program, SBA shops essentially experienced 200 times the typical volume of loan requests versus what they are used to,” said David Brooks, founder and CEO, Cirrus. “Cirrus’ portal plays a key role in expediting the process of managing SBA loans, enabling Berkshire Bank to collaborate remotely, execute rapidly and scale quickly to efficiently address the influx in loan requests and alleviate the document chaos associated with SBA lending.”

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 banking, healthcare, agricultural and oil and gas industries, among others. 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.