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News: Banks blame electronic loan portals over its delay in pushing for small business loan programs

Earlier this week, nine industry groups formed an allegiance representing various banks and credit unions of the nation against the delays caused by the government loan portals online via the SBA loan portal known as E-Trans.

In their letter written to the Small Business Administration and Treasury Secretary Steven Mnuchin, they said, "With the start of the second round of funding many lenders are having significant problems submitting loan applications into the SBA’s system, preventing them from delivering this critical financial assistance to small businesses that desperately need it."