Appian helps automate coronavirus Large Business Interruption Loan Scheme

Appian has released an application built on its Low-Code Automation Platform to support accredited lenders across the UK to manage the Coronavirus Business Interruption Loan Scheme (CBILS) applications from businesses, as well as the anticipated Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The new loan application can automate and check eligibility, process and verify required supporting documents, and make lending decisions faster. Using Appian, lenders can quickly deploy advanced automation features, including RPA and AI-powered intelligent document processing.

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to small and medium sized enterprises (SMEs) in the UK experiencing loss of revenue and disruption of cash flow due to COVID-19. Since the introduction of CBILS on 23 March, 2020, banks and lenders have faced unprecedented interests and applications from businesses. According to the Financial Times, banks in the UK have struggled to meet the surge in demand and only about one in 10 applications has been processed and approved so far.

Businesses need rapid approval and access to these funds. Banks and lenders must respond with fast, efficient processes. Appian’s application supports the full lifecycle of new CBILS and CLBILS loans through the state-backed British Business Bank (BBB), which is administering the UK scheme and working with lenders to process loan applications in batches to speed up the process.

Michael Heffner, VP of Global Industries, said: “Appian’s low-code automation platform gives accredited lenders in the UK the flexibility to build fast and adapt to these changes, whilst keeping up with growing demand. We enable banks to automate their manual and complex processes, which is critically important in this current environment of distributed workers.”

Appian will host a webinar featuring Global and UK banking experts to discuss the schemes and how they challenge banks to respond. The webinar will feature a demonstration of how Appian can automate new loan application processes for CBILS.