Business
Jack Henry & Associates Enhances Lending Capabilities to Support the CARES Act
Lending solution enables financial institutions to digitally capture and conditionally approve Paycheck Protection Program loans MONETT, Mo., April 3, 2020
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"Lending solution enables financial institutions to digitally capture and conditionally approve Paycheck Protection Program loans\n\n\nMONETT, Mo., April 3, 2020 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today the company announced that Jack Henry Lending has expanded its commercial lending suite of solutions to include the capabilities banks and credit unions need to efficiently support Paycheck Protection Program (PPP) loans. These loans can be funded beginning April 3, 2020, and financial institutions can deploy this solution immediately in order to support the expected high volumes of loan applications generated by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The fully brandable, intuitive user interface enables small business borrowers to easily enter the required information online and securely upload the supporting documents.\nMany banks and credit unions are already serving these borrowers through the existing suite of commercial lending solutions from Jack Henry Lending. This PPP loan solution is just another example of Jack Henry's commitment to serving the dynamic needs of financial institutions. More than 700 Jack Henry clients have already engaged to evaluate this solution. These financial institutions collectively expect to support thousands of businesses with this PPP lending solution. \nA significant portion of the country's more than 30 million small businesses have been impacted by the economic shutdown. Many are expected to apply for PPP loans and in the digital age they will be expecting immediate responses. Banks and credit unions are expected to use this unique opportunity to fund loans with new and existing small business accountholders while supporting their communities and growing small business relationships. Jack Henry Lending now allows financial institutions to quickly offer online applications for PPP loans and render quick conditional decisions based on Small Business Administration (SBA) requirements. \nTerry Renoux, group president of Jack Henry Lending, stated, \"This global pandemic has created unprecedented challenges for businesses across the country, and banks and credit unions are in a unique position to help these organizations in...