Apr 23, 2020
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 — 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.
Lendio is the nation’s leading small business finance solution provider. With its diverse network of lenders, Lendio enables small business owners to apply for multiple loan products with a single application. To date, Lendio has facilitated more than 300,000 small business loans for more than $11.8 billion in total funding, including $9.8 billion in PPP loan approvals as part of government COVID-19 relief. Lendio is a values-driven organization striving to provide equal access to capital to underserved communities and America’s smallest businesses. For every new marketplace loan Lendio facilitates, Lendio Gives—an employee-contribution and employer-matching fund—provides a microloan to a low-income entrepreneur around the world. More information about Lendio is available at www.lendio.com.
Spencer has spent the last ten years in the throes of all things marketing and communications. In the past, he has written for companies and clients spanning restaurants to SAAS companies, and entertainment guilds to yoga studios. Spencer has a B.S. in Communications from the University of Utah. When not writing or working, he can be found in the mountains on a hike, in a movie theater with a tub of popcorn, or on stage at a local theater.
Address: 4100 N. Chapel Ridge Rd. Ste. 500, Lehi, UT 84043
Email: [email protected]