[FINOS Community] Paycheck Protection Program and Small Business Loans

[Rob Underwood]

Dear FINOS Community,

We've seen some of the stories in the news about how banks are facing some common operational and technical issues with launching the coronavirus related small business loans as part of the Paycheck Protection Program (e.g., https://www.wsj.com/articles/the-rush-for-350-billion-in-small-business-loans-starts-friday-banks-have-questions-11585828455). 

Building a bit on some of themes in Gab's post from earlier today, and given FINOS provides a platform for compliant collaboration, ideation, and product management/development amongst industry participants, including competitors, we wanted to check if there might be ways in which our platform or collaboration tools (i.e., the Open Developer Platform) might be useful to our members, community, and wider industry. The aim would be to use open source to help the industry resolve some of the common challenges and issues related to this program and loan origination, and to in turn accelerate the process of getting the loans started and money in the hands of small businesses in need. 

We had no specific ideas in mind - just wanted to open the discussion. Perhaps it could be as simple as using a GitHub or GitLab repo to create some issues/questions and an associated kanban. Or perhaps it's creating some shared documentation, training, or light modeling. 

Anyway, we'd love to hear if/how FINOS, both our platforms and our community, could be useful on this pressing topic. Let us know. 

Thanks,

Rob

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Rob Underwood | Director of Programs | FINOS

 +1 (917) 754-3900 |  rob.un...@finos.org | Github: @brooklynrob

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