Jack Henry enhances PPP lending solution to support local businesses

Monday 11 January 2021 14:50 CET | News

US-based PSP Jack Henry has expanded its Paycheck Protection Programme (PPP) loan solution with a borrower-facing digital interface to capture the application and supporting documents. 

Jack Henry Lending 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 USD 284 billion in PPP funding to help SMBs survive prolonged economic challenges stemming from the pandemic. Jack Henry’s new self-service interface allows small business borrowers to enter and upload required information online. The PPP offering also features built-in fraud and risk controls. 

In 2020, Jack Henry supported approximately 400 banks and credit unions in facilitating more than 70,000 loan applications with a total of USD 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, according to the official press release.

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Keywords: Jack Henry, US, PPP, lending, paycheck protection programme, local business, SMB, PSP, loan, borrower, pandemic, fraud, bank, credit union
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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