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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.
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."
Terry Renoux, group president of Jack Henry Lending, stated, "The pandemic has created widespread challenges for small businesses across the country, and we are blown away with how our banks and credit unions have responded, showing up in a major way for their communities during a time of extreme need. Leveraging our lending solution, financial institutions have been able to immediately accept digital applications, many from day one, expediting businesses' access to funds. As the next round of funding begins – with a notable amount dedicated specifically to community financial institutions – we remain committed to providing the modern tools and steady partnership necessary to help our clients and their customers weather the storm."