...To Expand SMB Lending Opportunities
BOSTON – May 9, 2023 – Lenders Cooperative, a provider of lending solutions for financial institutions, today announced the unique integration of the Massachusetts Capital Access Program (CAP) into the cooperative’s loan origination system (LOS). This integration allows lenders to have a fully turnkey process to accept and originate Mass CAP loans without the need to manage documents and process outside the loan platform.
With nearly 60 banks participating throughout Massachusetts, Lenders Cooperative recognized the need to integrate the CAP program into its LOS to better serve their customers. The Mass CAP program is designed to help the state’s small businesses with 200 or fewer employees obtain term loans and lines of credit from participating banks. Using cash collateral guarantees from a loan loss reserve fund, the program enables banks to confirm loans they might otherwise be unable to grant.
Loans guaranteed through the Mass Capital Access Program may be used to start or expand businesses, or to provide permanent working capital to ensure continued profitable operations. Typical needs for these loans include equipment purchases, start-up costs and real estate acquisitions. The program can also be leveraged for working capital lines of credit.
“With such a large number of our customers in Massachusetts, it only made sense to integrate the CAP program into our LOS,” said Loughlin Cleary, President of Lenders Cooperative. “We are dedicated to helping our clients provide the best loan solutions to their local businesses and communities, and the Mass Capital Access Program is an important tool for this. Our mission is to support small and midsized businesses (SMBs) and this integration is a testament to that commitment, as well as the flexibility we offer to our customers.”
About Lenders Cooperative
Lenders Cooperative is a client-owned cooperative representing a community of over 140 and growing forward-thinking banking institutions leveraging best-in-class loan origination software coupled with shared services, including credit underwriting, SBA LSP support, bank operations and white labeled call center support. With solutions built and supported by veteran bankers, the Cooperative also offers customers a deep knowledge base, the ability to exchange best practices and a direct role in guiding the development and implementation of new technologies.
Lenders Cooperative helps community and regional financial institutions think differently on modernizing their lending solutions, improving internal workflow processes, and streamlining back-office operations so they can focus on their real strength - supporting their customers. Visit the Lenders Cooperative community today to join and learn more.