More than 20 percent of Paycheck Protection Program loans issued in 2021 have been powered by the technology of Teslar Software, the Springdale firm announced.
Teslar produces portfolio management tools that aggregate and automate lending and deposit operations for community financial institutions. The 1.3 million loans powered by Teslar this year represent $22 billion of funding for small businesses across the country. The fintech startup received SBA approval of 80 loans per minute during peak times, according to a press release.
Five of the SBA’s 15 top PPP lenders utilized Teslar to process their PPP loans, company officials said.
“The Paycheck Protection Program was successful because the entire industry joined together to work towards a common goal: helping small businesses persevere,” said Joe Ehrhardt, CEO and founder of Teslar Software. “Community bankers, startups, fintechs and everyone else involved made this a top priority and the results were truly exceptional. The technology we built and the lessons we’ve learned through this experience have inspired our company to create new strategies and efficiencies to help community institutions succeed.”
The PPP process highlighted many inefficiencies and cumbersome paper-based bottlenecks present in the loan process. To resolve these pain points moving forward, Teslar Software is making its technology available to financial institutions across the country. The module will be rolled out in three phases throughout 2021 and 2022. Phase one, now available, underwrites loans, creates credit memos, funds loans and provides customers with a portal to view the status of their loan. Phases two and three will significantly expand the offerings of the customer portal.
By integrating with the financial institution’s core banking system, phase two expands the customer portal to show loans in progress, active or closed, along with the ability to upload and see all documents needed, closing date and the ability to add other users like CPAs and controllers, Ehrhardt said. This phase will roll out in late 2021. Phase three will introduce simplified personal financial statements and integration with other bank services including online banking.