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 6, 2020) — 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.
Many 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.
A 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 account holders 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.
Terry 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 their time of extreme need. Our lending solution enables financial institutions to accept digital applications immediately and automatically render conditional decisions while efficiently managing the significant increase in loan requests. This is also an opportunity for financial institutions to create and strengthen relationships with small businesses, who will remember the help far after the crisis passes. Jack Henry remains dedicated to providing exceptional support and service to our clients and their accountholders.”
About Jack Henry & Associates Inc
Jack HenryÔ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
