Historic bank boosts post-Covid economy, supporting ongoing financial health with business cash flow tool
Jack Henry & Associates, Inc announced that $1 billion-asset Great Plains National Bank has been leveraging Jack Henry’s accounts receivable (A/R) financing program, BusinessManager, to create additional revenue opportunities for local businesses and assist with post-pandemic recovery.
BusinessManager helps financial institutions provide daily working capital to businesses in exchange for their accounts receivables. Oklahoma-based Great Plains Bank has been using the program for more than 20 years. The bank has funded local businesses that operate in the oil and gas, trucking, manufacturing, staffing, and IT industries with more than $1.7 billion in working capital financing and currently supports 70 companies ranging from $25,000 to $25 million in size.
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BusinessManager helps these companies mature with strong financial support. For instance, a local start-up with two employees applied for a $150,000 working capital line of credit in 2011 to build a construction pipeline company. With Jack Henry, by 2022 the company had grown its funding to $5 million and now employs more than 300 employees. To better serve its community, Great Plains Bank also decided to help IT and staffing companies that experienced cash flow constraints due to unpredictably strong business demands since the beginning of the pandemic. For example, the bank funded a firm that provides temporary clinical staff to healthcare facilities with more than $5.5 million, helping them absorb the rise in healthcare staff demand and continue to grow while meeting the community’s demand for healthcare in a dire situation. Great Plains Bank recently acquired a bank in Texas to continue supporting the strong demand for IT and staffing.
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Mandell Greteman, strategic lending department president at Great Plains Bank, said, “Jack Henry’s modern and flexible technology is extremely valuable for our bank and the local community. Together, we have helped several hundred businesses achieve their dreams. This boosts the economy of our community and allows us to form sticky, long-term relationships with our clients – in some cases we have supported multiple generations of business owners. The platform also enables us to cross-sell and diversify our client portfolio, strengthening our balance sheet. The leadership team at Great Plains Bank is very invested in Jack Henry and we are excited to continue to achieve great things together.”
Gary Lewis, managing director for Jack Henry Lending, commented, “The pandemic has forced many small and medium-sized businesses to burn through cash, leaving them vulnerable and in need of reliable financing. BusinessManager has proven to help community banks like Great Plains Bank infuse strong support into their local businesses, promoting a healthy and vibrant economy.”
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