Community Banks Provide Paycheck Protection Program Loans to Small Businesses with Teslar Software
Fintech enables banks to quickly and efficiency manage flood of PPP loan applications
Teslar Software, a provider of automated workflow and portfolio management tools designed to help community financial institutions thrive, announced today that it is offering Teslar Unite - PPP. This free module provides community banks a secure portal and pipeline management system to track their small business customers’ PPP loan applications. By leveraging the solution, small business customers can easily download the PPP loan application, fill it out, upload it and track the status of the loan.
The PPP, which was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, will allow lenders to provide up to $349 billion in funds to U.S. small businesses and merchants impacted by COVID-19. The program was designed to provide a direct incentive for small businesses to keep their workers on payroll, helping the overall economy. Teslar Unite - PPP will also help community bankers manage the process of forgiving the loans if the stipulations of the program are met.
Franklin, W.Va.-based Pendleton Community Bank recently selected Teslar to gain control of customer data at a deeper level, enhance processes and boost efficiencies. The bank was onboarding Teslar’s platform and was able to make the quick addition of Teslar Unite - PPP in time to accept small business PPP applications. Bill Loving, president and CEO of the bank, commented, “Teslar got our bank up and running on Teslar Unite - PPP within 24 hours, ready to accept PPP loan applications on day one. I’m confident that this solution will allow us to maneuver the onslaught of applications and get much needed funding to our small business customers. Teslar has proven to be a true partner with an exceptional dedication to our business.”
Rogers, Ark.-based First National Bank of NWA, a division of First National Bank of Fort Smith, is another community bank leveraging Teslar Unite - PPP, onboarding the feature last week to be ready for their small business clients’ demand. Joe Ehrhardt, CEO and founder of Teslar Software, commented, “Small businesses across the country are in dire need of funds and it’s necessary that they have support from their community banks. We have a limited amount of time, until June 30, to approve and distribute these loans, which will require a high degree of efficiency and automation. Community pillars like Pendleton Community Bank and First National Bank of NWA have been working tirelessly to provide for their neighbors, and we at Teslar are committed to doing the same. It’s times like these that institutions prove to small business customers that they are strong and reliable partners.”