Banking Business Fintech News

Community Banks Provide Paycheck Protection Program Loans to Small Businesses With Teslar Software

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 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.

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.@teslarsoftware enables banks to quickly and efficiently manage flood of PPP loan applications

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.

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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.”

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