Jack Henry Enhances Paycheck Protection Program Lending Solution, Helps Banks and Credit Unions Support Local Businesses
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Jack Henry Lending has expanded its Paycheck Protection Program (PPP) loan solution with a borrower-facing digital interface to capture the application and supporting documents. The company 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 upcoming stimulus round will provide an additional $284 billion in PPP funding to help small businesses survive prolonged economic challenges stemming from the pandemic. Jack Henry’s new self-service interface makes it easy and convenient for small business borrowers to enter and upload required information online. The solution then streamlines the information directly through the SBA and a financial institution’s core, saving time and eliminating the need for redundant data entry. The comprehensive, end-to-end PPP offering also features built-in fraud and risk controls.
Terry Renoux, group president of Jack Henry Lending, stated, “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.”
Last year, Jack Henry supported approximately 400 banks and credit unions in facilitating more than 70,000 loan applications with a total of $6.5 billion in requests for small businesses seeking assistance through the PPP. With this updated offering, banks and credit unions will be able to continue to meet the needs in their communities with even greater efficiencies and improved digital experiences. Visit the Jack Henry Lending CARES Act Support Page to learn more.