Teslar Software Provides Over 20% of PPP Loans in 2021, Launches New SBA Commercial Lending and Lending Digitization Solution

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SPRINDALE, Ark. – () – Teslar Software, supplier portfolio management tools which consolidate and automate lending and deposit operations for community financial institutions announced today that their technology has secured more than 20% of the payroll protection loans issued in 2021. The 1.3 million loans provided by Teslar this year represent $ 22 billion in funding for small businesses worldwide. country. Fintech has received SBA approval for 80 credits per minute during peak hours.

Teslar Software responded quickly as soon as the PPP was announced in March 2020, launching solutions and educational 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 pandemic. As the funding rounds continued, Teslar Software continued to develop this initiative, partnering with various startups, fintech companies, banks and non-traditional lenders to process PPP loans. Five of the 15 SBA employees Leading PPP Lenders used Teslar to process their PPP loans.

“The payroll protection program was successful because the entire industry came together to achieve a common goal: to help small businesses continue to operate,” said Joe Ehrhardt, CEO and founder of Teslar Software. “Bankers, startups, fintechs and everyone else have made it their top priority and the results have been truly exceptional. The technologies we have created and the lessons we have learned from these experiences have inspired our company to create new strategies and tools to improve efficiency that will help civil society organizations succeed. ”

The PPP process has exposed many of the weaknesses and cumbersome paper bottlenecks present in the loan process. To address these challenges in the future, Teslar Software is making its powerful PPP technology available to financial institutions across the country. Using this newly available module, financial institutions will be able to digitize all aspects of their commercial and SBA lending that are currently handled by hand, allowing them to execute loans and develop business relationships with increased transparency and speed.

The module will be deployed in three phases during 2021 and 2022. The first phase, currently available, involves underwriting loans, creating credit memos, financing loans, and providing clients with a portal to view their loan status. The second and third stages will significantly expand the capabilities of the client portal. By integrating with the main banking system of the financial institution in the second phase, the customer portal is expanded to display current, active or closed loans, as well as the ability to download and view all required documents, the closing date, and the ability to add other users such as CPA and controllers. This phase will begin at the end of 2021. The third phase will introduce simplified personal financial statements and integration with other banking services, including online banking.

“Bankers have traditionally hesitated to use technology to interact with commercial customers, fearing that digitalization would weaken relationships with this high-income segment,” continued Erhardt. “However, PPP has demonstrated that personal experience can happen digitally and on a large scale; it is not necessary to choose between efficiency gains and human interaction. This new module will provide institutions with the tools they need to strengthen business relationships more confidently and will change the future of SBA commercial and lending. We can’t wait to hand it over to the local bankers. ”

About Teslar software

Teslar Software provides portfolio management tools for community financial institutions that integrate and automate lending and deposit processes into a single system, allowing institutions to scale and improve all aspects of a bank’s operations. With more than 20 modules, this SaaS solution improves efficiency by providing easy access to centralized and up-to-date information to balance portfolios, optimize profits, and help community bankers serve their customers more efficiently and better understand their needs. Please visit www.teslarsoftware.com To learn more.

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