Chesapeake Bank Debuts Online Loan Product

Chesapeake Bank is expanding its alternative lending division, Cash Flow, with ProfitStars‘ Commercial Lending Center Suite.

Launched in 1995, Cash Flow offers U.S. businesses faster access to financing, and expanded custom qualification criteria. Chesapeake has already been using ProfitStars’ accounts receivable financing and lending solutions for more than a decade, and the Commercial Lending Center Suite will now enable borrowers to easily interact and securely exchange information with Cash Flow.

“We rely on ProfitStars’ products to improve the process for our business clients from the online application to account management, to ongoing service and reporting,” said Kevin Wood, managing director of Cash Flow at Chesapeake Bank, in a press release. “The full lifecycle management platform enables us to offer our clients a better experience, and allows us to focus on risk management and excellent customer service. We have improved our results and saved time for our staff. Offering the full range of products helps us build our reputation as a bank that can deliver excellent service and be a trusted provider of alternative financing in today’s marketplace.”

The Commercial Lending Center Suite will also allow the bank to digitize and streamline the entire loan process. In addition, borrowers can request loans online, while ProfitStars’ remittance solution allows firms to more efficiently process checks and payments.

“We are proud to be the primary technology provider for Chesapeake Bank’s Cash Flow. They’ve been using our factoring solutions for more than a decade, and our partnership continues to help commercial customers grow their businesses today. Chesapeake Bank has selected our full digital lending platform and remittance solution to attract and sustain lasting business relationships. Most importantly, the bank is serving its borrowers with the convenient, easy loans that they need to succeed,” said Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars.