Kinecta FCU Inks CASH Suite Commercial Lending Deal
Minneapolis-based Wolters Kluwer Financial Services announced that the $3.6 billion Kinecta Federal Credit Union in Manhattan Beach, Calif., selected the company’s full CASH Suite solution, which helps achieve straight-through processing for commercial lending.
“One of the reasons we selected CASH Suite is for its data management capabilities. The data is entered at the start of the sales process and moves seamlessly through underwriting, analysis, risk rating, pricing and credit memo production without us having to re-key information, saving us a significant amount of time while eliminating errors and redundancies,” Paul Willsey, first vice president of Business Services, Kinecta Federal Credit Union said.
The CASH Suite solution provides a financial institution analyses and credit risk management capabilities on its commercial loans for both new loans and annual reviews. Modules may be implemented as the complete solution, as part of a financial analytics or compliance and risk management bundle, or individually.
An SBA loan guarantee may range from 50% to 90% of the principal of each loan. Business loans of $50,000 or under and the government-guaranteed portion of SBA loans do not count toward this restriction.
The SBA and the NCUA recently signed a memorandum of understanding to expand the accessibility of small-dollar SBA loans from credit unions. By partnering, the two organizations aim to increase awareness about the SBA's loan programs for credit unions and the NCUA.
According to Maria Contreras-Sweet, the head of the SBA, "Since 2011, the outstanding balance of SBA loans by credit unions has seen nearly a 50 percent increase - from $810 million to $1.2 billion. This signals a growing demand for SBA loan programs. Millions of Americans have used their credit union to finance their car, home or children’s education. We want to empower credit unions to finance small business start-ups, too."