Lendio and Jack Henry & Associates Streamline the PPP Loan Application Process for Financial Institutions
Lendio provides the loan application and document infrastructure for Jack Henry’s bank and credit union clients across the U.S.
Lehi, Utah, April 23, 2020 (GLOBE NEWSWIRE) — Lendio, the nation’s leading small business loan marketplace, today announced a strategic relationship with Jack Henry & Associates, Inc.® (NASDAQ: JKHY), a leading provider of technology solutions and payment processing services for the financial services industry. Lendio provides a white-labeled loan application and document gathering infrastructure for Jack Henry’s financial institution clients across the U.S.
It is estimated that over 30 million small businesses will seek assistance through government relief programs like the Paycheck Protection Program (PPP) in the coming months. By combining the respective Lendio and Jack Henry lending technologies, small business owners will be able to apply for relief funds entirely online. In less than one week, Lendio and Jack Henry have helped more than 250 banks and credit unions launch a digital PPP loan application. Dozens of financial institutions are being onboarded every day and many begin accepting PPP applications the same day.
“We are pleased to be working with Lendio to expedite the PPP application process for banks and credit unions and to ultimately help financial institutions get relief funds into the hands of small businesses,” said Terry Renoux, group president of Jack Henry Lending, “We were able to enhance our sophisticated commercial lending solution with Lendio’s digital PPP application process which enables our clients to immediately and efficiently begin accepting PPP relief loan applications and to seamlessly support the expected loan volumes. These new capabilities also enable our clients to conditionally approve PPP loan applications based on Small Business Administration (SBA) guidelines and CARES Act provisions.”
The PPP is part of the $2 trillion CARES Act signed in late March with the purpose of helping small businesses with critical financial relief and getting their employees back to work. To-date, the Jack Henry/Lendio solution has supported the completion of over 38,000 PPP applications totaling approximately $4.2 billion in loan requests across the network of 250+ financial institutions.
“This offering is incredibly exciting and shows our combined commitment to efficiently and effectively help financial institutions participate in the PPP program,” said Brock Blake, CEO and co-founder of Lendio. “The hope is that through this high-tech approach, we can remove many of the headaches small business owners are experiencing. We are thrilled to be working alongside Jack Henry to get small businesses back on their feet.”
About Jack Henry & Associates
Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
About Lendio
Lendio is a free online marketplace that leverages machine learning to help business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products and over 100,000 small business loans funded, Lendio’s marketplace is the largest in the country and the center of small business lending. Based in the Silicon Slopes of Lehi, Utah, Lendio was recently recognized by Glassdoor as one of the Top 50 Workplaces and has been certified for four years running as a great workplace by the independent analysts at Great Place to Work®. In addition, Lendio ranks on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces. For every new loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, provides a microloan to a low-income entrepreneur around the world through Kiva.org. More information about Lendio is available at www.lendio.com. Information about Lendio franchising opportunities can be found at www.lendio.com/franchise.
CONTACT: Melanie King Lendio 801-748-4782 [email protected]
