New partnership offers a complete lending solution for CDFI market
SAN ANTONIO and LAKE FOREST, CALIF., May 28, 2014 – Accion Texas Inc., the nation’s largest microlender, has teamed up with California-based Nortridge Software to offer a complete end-to-end solution to the Community Development Financial Institutions (CDFI) market.
The CDFI Fund is a federal program that invests in and promotes economic revitalization in low-income communities, enabling people in these areas to access affordable financial products and services. The two companies have integrated Accion’s Microloan Management Services™ (MMS™) loan origination system and Nortridge’s Loan System (NLS) loan servicing platform as part of a closely coordinated solution that provides the full set of unique technology and services required to operate a CDFI business. MMS™ is a web-based system that improves lending efficiency, enables program scalability and improves portfolio quality – while reducing default rates.
Accion Texas is a long-time client of Nortridge, and the two companies have cooperated previously on projects in the CDFI market. This new strategic alliance enables Accion to better serve the market with tight integration that covers all phases of CDFI lending. “Accion’s MMS™ loan origination platform is the standard of the industry in the CDFI market,” said Mark Gleason, director of business development at Nortridge. “Partnering more closely makes it easy for CDFI lenders to get a full technology platform in place quickly and economically. Accion is the expert in this market, and we’re very pleased to be able to work closely with them to make small business lending easier.”
Janie Barrera, president and CEO at Accion Texas Inc., said, “NLS is the most flexible servicing platform in the market, and we look forward to servicing CDFI businesses with the combined power of MMS™ and NLS. We have relied on Nortridge Software to run our loan portfolio, so taking the next step to formalize our partnership and go to market together was an easy choice.”
About Accion Texas Inc.
Accion Texas Inc. is a designated community development financial institution, or CDFI. Established in 1994 in San Antonio, Accion Texas Inc.’s financial and business-support services help entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment and contribute to the economic revitalization of their communities. In addition, Accion Texas is a regionally recognized U.S. Small Business Administration (SBA) 504 CDC (Community Development Corporation) and is a designated 7 (a) Community Advantage lender with the SBA.
Accion Texas manages the nation’s largest microloan portfolio and is committed to providing capital to entrepreneurs who do not have access to loans from commercial sources. Since its inception, Accion Texas has made nearly 15,000 loans totaling more than $164 million. Accion Texas operates in eight states: Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas. For more information, visit www.acciontexas.org.
About Nortridge Software
Headquartered in Lake Forest, Calif., Nortridge Software LLC provides lenders and loan servicers with the automation needed to more profitably originate, service, collect and report on loan portfolios. Since 1981, Nortridge has leveraged its experience in banking, lending and software development to provide clients with quality software solutions and excellent support services. Today, the Nortridge Loan System is valued by loan servicing companies representing a wide range of industries and loan portfolio sizes. For more information, visit: www.nortridge.com.
About the CDFI Program
Through the CDFI Program’s Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community based lending organizations known as Community Development Financial Institutions, or CDFIs. These organizations, certified as CDFIs by the U.S. Treasury Department, serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process. Learn more about the CDFI Program at www.cdfifund.gov/cdfi.
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