Teslar Software powers over 20% of 2021 PPP loans and launches new solution to digitize commercial and SBA loans
SPRINGDALE, Arch .– (COMMERCIAL THREAD) – Teslar Software, supplier of portfolio management tools which consolidate and automate lending and depositing operations for community financial institutions, today announced that their technology is fueling more than 20% of paycheck protection program loans issued in 2021. The $ 1.3 million Loans powered by Teslar this year represent $ 22 billion in funding for small businesses across the country. The fintech has received SBA approval for 80 loans per minute during peak hours.
Teslar Software acted swiftly after the PPP was announced in March 2020, launching educational solutions and tools that have helped financial institutions and non-traditional lenders across the country effectively provide small businesses with the financing they need to survive the downturn. pandemic. As the funding rounds continued, Teslar Software continued this initiative by partnering with various startups, fintechs, banks and non-traditional lenders to process PPP loans. Five of the 15 in the SBA Main PPP lenders used Teslar to process their PPP loans.
âThe Paycheque Protection Program has been successful because the entire industry has come together to work towards a common goal: to help small businesses persevere,â said Joe Ehrhardt, CEO and Founder of Teslar Software . âCommunity bankers, startups, fintechs and everyone else involved have made this a top priority and the results have been truly exceptional. The technology we have built and the lessons we have learned from that experience have inspired our company to create new strategies and efficiencies to help community institutions succeed.
The PPP process revealed many inefficiencies and cumbersome paper-related bottlenecks present in the lending process. To address these issues in the future, Teslar Software is making its powerful technology developed through PPP available to financial institutions across the country. By taking advantage of this newly available module, financial institutions will be empowered to digitize all aspects of their commercial and SBA lending process that are currently managed manually, allowing them to execute loans and develop business relationships with a increased visibility and speed.
The module will be rolled out in three phases throughout 2021 and 2022. The first phase, now available, underwrites loans, creates credit scores, funds loans, and provides clients with a portal to view their loan status. Phases two and three will significantly expand the customer portal offerings. By integrating with the financial institution’s core banking system, phase two expands the customer portal to view open, active or closed loans, as well as the ability to download and view all necessary documents, date of fence and the ability to add other users such as CPAs and controllers. This phase will be rolled out at the end of 2021. The third phase will introduce simplified personal financial statements and integration with other banking services, including online banking.
âBankers have traditionally shied away from adopting technology to interact with business customers for fear that digitalization would dilute the relationship with this highly profitable segment,â Ehrhardt continued. âHowever, PPP has shown that personal experiences can happen digitally and at scale; there is no need to make a choice between creating efficiency and the human touch. This new module will equip institutions with the tools to strengthen business relationships with greater confidence and change the future of business and SBA lending. We look forward to getting it into the hands of community bankers.
About Teslar software
Teslar Software provides portfolio management tools for community financial institutions that consolidate and automate loan and deposit transaction processes into a single system, enabling institutions to evolve and improve all aspects of banking. This SaaS solution with more than 20 modules increases efficiency by providing easy access to centralized and relevant information to balance portfolios, optimize profits and help community bankers serve their clients more effectively and better understand their needs. Please visit www.teslarsoftware.com to learn more.