Lenders Cooperative Integrates Massachusetts Capital Access Program Into Lending Platform 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.