Lenders Cooperative, a leading provider of lending solutions for financial institutions, has announced the integration of the Massachusetts Capital Access Program (CAP) into its loan origination system (LOS). This unique integration empowers lenders to seamlessly accept and originate Mass Capital loans within the cooperative's platform, eliminating the need for separate document management and processing.
Expanding Support for Massachusetts Small Businesses:
Recognizing the significance of the Mass CAP program, which aids small businesses in Massachusetts with 200 or fewer employees, Lenders Cooperative took proactive steps to integrate it into their LOS. The Mass CAP program facilitates access to term loans and lines of credit from participating banks by utilizing cash collateral guarantees from a loan loss reserve fund. This enables banks to provide loans they might otherwise be unable to grant, supporting the growth and operations of local businesses.
Unlocking New Possibilities for Businesses:
The loans guaranteed through the Mass Capital Access Program cater to various business needs, including startup costs, equipment purchases, real estate acquisitions, and working capital lines of credit. By streamlining the loan origination process and offering a turnkey solution through their LOS, Lenders Cooperative aims to empower businesses to seize these opportunities and propel their growth.
Lenders Cooperative's Commitment to SMBs:
Loughlin Cleary, President of Lenders Cooperative, highlighted the importance of integrating the CAP program into their LOS to better serve their extensive customer base in Massachusetts. By aligning their mission of supporting small and mid-sized businesses (SMBs) with the flexibility provided by this integration, Lenders Cooperative demonstrates their dedication to assisting their clients in delivering the best loan solutions to local businesses and communities.
Empowering Financial Institutions:
Lenders Cooperative is a client-owned cooperative that brings together a community of over 140 forward-thinking banking institutions. Through their collaborative approach, they offer best-in-class loan origination software and shared services, such as credit underwriting, SBA LSP support, bank operations, and white-labeled call center support. By combining industry expertise, knowledge sharing, and innovative technology, Lenders Cooperative helps financial institutions modernize their lending solutions, enhance internal workflows, and streamline back-office operations, enabling them to focus on their core strength: supporting their customers.
Join Lenders Cooperative's Community:
If you are a community or regional financial institution seeking to transform your lending operations and improve customer support, join the Lenders Cooperative community today. Discover how our comprehensive solutions, backed by veteran bankers and a commitment to customer success, can drive your institution's growth and prosperity.
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