20 July 2018
Visit www.avoka.com

ProfitStars launches portal for small business funding

25 February 2015  |  2100 views  |  0 Source: Jack Henry & Associates, Inc

Jack Henry & Associates, Inc. (JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry.

Its ProfitStars® division today introduced the Commercial Lending Center™, a hosted portal that enables community financial institutions to attract more commercial and industrial (C&I) borrowers by offering a more convenient loan application and management cycle.

In a 2014 survey of community banks, ProfitStars found that community institutions were far behind their alternative lending competitors in terms of both convenience and speed offered to C&I borrowers. According to the survey, 92 percent of the banks surveyed did not allow C&I businesses to apply for a loan online, and 84 percent did not effectively use technology to streamline and manage the lending process.

In response, ProfitStars' Commercial Lending Center enables community institutions to accept commercial loan applications online, 24/7, better managing the workflow process and resulting in faster response times. ProfitStars hosts the online process, which is individually branded for each institution and accessible from the institution's website. When a prospective borrower submits an application, it is immediately sent through sorting engines to route the new commercial prospect to the appropriate loan product based on institution-defined criteria. The sorting process instantly suggests options for the financial institution to pursue while simultaneously communicating results to the applicant.

Commercial Lending Center enables financial institutions to immediately compete with alternative lenders and maintain or expand relationships with businesses that do not qualify for traditional loans. Applicants who fail to meet the predetermined underwriting guidelines are routed to ProfitStars' LendingNetwork®, which has contractual relationships with more than 50 alternative commercial lenders. Alternative lenders in the network must agree to terms making it easy for a borrower to go to their community institution when qualified.

Russ Bernthal, pres qualified.

Russ Bernthal, president of ProfitStars, said, "Community bankers need to make lending convenient for small business owners or they will continue to pursue alternative lenders and other competitors to meet their borrowing needs. Commercial Lending Center empowers them to open the lines of communication using an online application, followed by a quick response. We hope to change the reputation of small business lending for the industry; it should not be something that borrowers dread, but instead a fast and easy process that produces positive results."

ProfitStars' Commercial Lending Center includes marketing guidance, customizable marketing materials and search engine optimization to assist financial institutions in driving businesses to their commercial lending website.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit http://go.jumio.com/finextraAdVisit https://secure.vasco.com

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12226 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10104 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9818 views comments | 6 tweets | 15 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9577 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9375 views 19 comments | 14 tweets | 30 linkedin

Featured job

to GBP Six-Figure Base, double ote, benefits
London, UK

Find your next job