Penn Community Bank announced it has implemented the Lenders Cooperative Loan Origination System (LOS), which is focused on small business and commercial product lending.

The LOS platform provides a fully online digital experience for the bank’s customers, allowing them to apply for their capital needs anytime, from anywhere. In addition to the enhanced front-end customer experience, the platform automates many of the bank’s back-office workflow tasks, allowing the team to make decisions and close loans more efficiently and effectively.

“The team at Lenders Cooperative has been a great partner over the years,” said Jake Iampietro, Director of Retail Banking at Penn Community Bank. “We leveraged [its] LOS platform to provide access to SBA PPP funding to thousands of our small-business customers during COVID.

“As we transitioned to the new lending products and workflows in the LOS, we have continued to receive positive feedback from our customers relative to their experiences accessing the platform.

“The Lenders Cooperative development team has combined both conventional portfolio lending products and Small Business Administration (SBA) lending products in a seamless end-to-end workflow [that] allows us to extend more of the needed capital to our customers who are building and growing their businesses across our communities,” he concluded.

“Lenders Cooperative is excited to expand our partnership with Penn Community Bank to provide innovative lending products and solutions to meet the needs of their customers,” said Loughlin Cleary, President and National Sales Director at Lenders Cooperative.

“With many former bankers on staff, Lenders Cooperative is uniquely positioned to help Penn Community Bank reimagine the customer lending experience, so they can focus on supporting and providing capital to their customers in the communities that they serve,” he summarized.

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Penn Community Bank’s Bernard Tynes explains the importance of data integrity in banking in general and commercial lending specifically.