Banks and credit unions continue to provide funding to small businesses during time of need
Jack Henry & Associates, is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today the company announced that more than 280 financial institutions have partnered with Jack Henry Lending to digitally capture and conditionally approve Paycheck Protection Program (PPP) loans. Jack Henry has processed more than 38,000 PPP loan applications, totaling more than $4 billion in potential funding. Its bank and credit union clients received an average of 134 applications each, and completion rates are very strong, averaging 80%.
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Jack Henry Lending expanded its commercial lending suite of solutions in a matter of days to offer the capabilities banks and credit unions need to efficiently support these loans and manage the high volume of loan applications generated by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The fully brandable solution enables financial institutions to immediately deploy online applications for PPP loans and render quick conditional decisions based on Small Business Administration (SBA) requirements. The first round of funding was exhausted in just 14 days, and Jack Henry is committed to helping institutions and small business through the next round of funding, which Congress recently approved. The next wave added $310 billion, with at least $30 billion set aside specifically for small lenders and community financial institutions.
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Peoples Bank of Alabama was a fast adopter of Jack Henry Lending’s PPP solution. The bank leverages Jack Henry’s SilverLake System core and a full suite of Jack Henry solutions across its enterprise. Jim Kinney, the chief information officer and chief operating officer of the bank, commented, “When we realized that we had to quickly select a partner to help us navigate these extraordinary waters, our successful existing partnership with Jack Henry gave us confidence. We stood up our portal in just a day’s time and were able to accept applications since day one. We’ve closed over $80 million in loans to date, helping more than 600 different businesses and their approximately 10,000 employees. We were already closing loans by the time other vendors in the market were just announcing they had a solution ready. Working closely with Jack Henry, we have been able to swiftly step up to the plate to serve our community in a time of crisis, which is what banking is all about.”
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