Jack Henry Lending enhances PPP lending solution, helps banks and credit unions support local businesses
By Pavithra R
Jack Henry & Associates, a leading provider of technology solutions and payment processing services primarily for the financial services industry has announced that it’s subsidiary Jack Henry Lending, a borrower focussed digital lending technology provider has expanded its Paycheck Protection Program (PPP) loan solution with a borrower-facing digital interface to capture the application and supporting documents.
The firm has announced that it is also providing an additional broker option for institutions that make the strategic decision to refer PPP loans, allowing them to meet their community’s needs by accepting loan requests online that are then decisioned and funded through a trusted Jack Henry lender without any exchange of funds or fees.
The new PPP round sets aside $285 bn for the nation’s SMBs to survive prolonged economic challenges stemming from the pandemic. The company’s new self-service interface makes it easy and convenient for SMB borrowers to enter and upload the required information online.
The solution then streamlines the information directly through the SBA and a FI’s core, saving time and removing the need for redundant data entry. The comprehensive, end-to-end PPP offering also features built-in fraud and risk controls.
“The pandemic’s impact on small businesses is long-lasting; this latest round of PPP loans is necessary to help many businesses survive. At Jack Henry, we’re committed to helping banks and credit unions deliver these funds to those in need, and to making the experience as seamless as possible. Our expanded PPP lending offering delivers an automated, digital approach that allows financial institutions to more quickly and efficiently manage large volumes. And, we can now help bankers who want to provide for their local communities but are not in a position to manage the loans themselves,” said Terry Renoux, group president of Jack Henry Lending.
Jack Henry is an S&P 500 company that serves approx. 9,000 clients nationwide through 3 divisions: Jack Henry Banking supports banks ranging from community banks to multi-billion-dollar institutions; Symitar provides various solutions to credit unions of all sizes; and ProfitStars offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. Last year, Jack Henry supported approx. 400 banks and credit unions (CUs) in facilitating more than 70,000 loan applications with a total of $6.5 bn in requests for SMBs seeking assistance through the PPP.
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March 01, 2024
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