Teslar Software, a provider of automated workflow and portfolio management tools designed to help community financial institutions thrive, announced today that it is helping bankers manage Paycheck Protection Program (PPP) loan forgiveness for small businesses.
Teslar PPP Forgiveness provides an automated workflow to efficiently collect and manage the documents required to work towards forgiveness of PPP loans. It automates data entry wherever possible, and can enable electronic signatures and assist in the submission of data to the Small Business Administration (SBA). The National Federation of Independent Business reports that more than half of business owners expect all expenses to be forgiven from their PPP loans, and 27% say they expect three-quarters of the loan to be forgiven under current guidelines. Small businesses can use the Teslar PPP Forgiveness application today to calculate various forgiveness scenarios on their bank’s website and determine the best decisions for their business.
Teslar has supported community banks throughout the entire PPP process thus far, facilitating tens of thousands of loan applications. First National Bank of NWA, a division of First National Bank of Fort Smith, plans to use Teslar PPP Forgiveness to meet the needs of its six unique communities in Northwest Arkansas. Teslar was able to implement the bank’s secure portal management system for PPP applications in one day in order to offer a digital application process for their customers’ loans on opening day. That weekend the bank processed 250 digital applications, ultimately funding 100% of the 770 completed applications they received.
“We were not a big SBA lender before this,” explained Rob Husong, president of First National Bank of NWA. “There is no way we could have handled the volume of PPP loan business successfully without Teslar. Teslar Unite – PPP made it possible for community bankers like us to support our local businesses. I am proud of how First National Bank of NWA was able to step up to the challenge with Teslar’s solutions and we look forward to helping our local businesses realize the benefit of the PPP through the forgiveness application process.”
Teslar is providing the forgiveness solution at a low per-application cost to make the service readily available without long-term contracts or obligations. The solution will provide banks with key features such as the ability to communicate with all borrowers at once or individually; a customizable template to manage customer information; reporting capabilities; secure document transfers; e-sign capability; and a forgiveness calculator. Teslar PPP Forgiveness will be updated regularly to meet inevitable changes in the SBA forgiveness process.
“While community banks have been tirelessly working on the flood of PPP loans, we’ve only touched the tip of the iceberg,” said Joe Ehrhardt, CEO and founder of Teslar Software. “Now, community banks must guide these businesses through evolving SBA requirements in order to maximize the benefit of the loans by achieving forgiveness. With Teslar, bankers will be able to streamline processes and help Main Street regain stability.”
About Teslar Software
Teslar provides community financial institutions with automated workflow and portfolio management tools to streamline and improve processes with easy access to relevant information needed to operate. The Teslar platform integrates siloed systems, centralizes data and boosts efficiencies enterprise wide to optimize profits and make customer interactions more meaningful. Please visit www.teslarsoftware.com to learn more.