OMAHA, NE (PRWEB) December 06, 2011
WebEquity Solutions® LLC (WebEquity), announced today that the United States Department of Agriculture’s Farm Services Agency (FSA) has awarded a five-year subscription agreement for the WebEquity® Lending software.
Under the agreement, the FSA will utilize the software’s robust farm business planning and financial credit analysis capabilities to support the agency’s Farm Business Plan and
Direct Loan programs across approximately 1,000 field offices in the United States and Puerto Rico. The FSA uses WebEquity’s credit analysis, loan covenant tracking, credit presentations, and portfolio management capabilities for nearly 100,000 active farm loan customers.
“We are pleased to strengthen our successful business partnership with WebEquity,” said Carolyn Cooksie, associate administrator for operations and management for the Farm Service Agency. “WebEquity delivers the deep agricultural lending functionality we need to support the Farm Business Plan and Direct Loan programs. The cloud-based solution will also help reduce related IT costs and total cost of ownership in supporting our many field offices.”
WebEquity is the leading provider of lending software for the agricultural market. The Omaha-based firm provides a single solution for commercial and agricultural loans that can be configured to fit an organization’s unique lending policies and processes. Built on a true,cloud-computing technology platform, WebEquity’s Lending software is licensed through a software-as- a-service (SaaS) model.
“WebEquity has a 26-year history in serving the agricultural lending market,” said Doug McGregor, CEO, WebEquity Solutions. “We have successfully served the needs of the FSA for eight years, and are proud to be selected to provide our quality software as the cornerstone of the agency’s Direct Loan Program.”
The FSA first selected WebEquity in 2003. When the subscription period expired, the agency opened a formal bid process and conducted a rigorous evaluation of the industry’s lending software solutions.
“The WebEquity system’s specialized functionality for underwriting agricultural loans helps us effectively serve our farmers and ranchers,” said Chris Beyerhelm, Deputy Administrator for Farm Loans Programs, Farm Services Agency. “We believe WebEquity’s product capabilities provide the tools we need to accurately assess a borrower’s credit worthiness and efficiently manage the loan and our relationship with the farmers and ranchers throughout the entire credit lifecycle.”
The FSA, a division of the USDA, serves the nation’s farmers, ranchers and agricultural partners by delivering efficient agricultural programs that aim to achieve an economically and environmentally sound future for American agriculture.
About WebEquity Solutions
WebEquity® is the proven leader in on-demand lending software. More than 700 financial institutions and 20,000 lending professionals use WebEquity to automate and streamline their lending process and reduce operational costs, while making more uniform and profitable credit decisions. The company offers financial institutions a distinct advantage with a single solution that works for all loan types, an on-demand model that provides centralized, anywhere access, and the flexibility to configure the system so it fits their lending practices. WebEquity serves institutions in the U.S., Canada and Australia. WebEquity is the Preferred Service Provider of the Independent Community Bankers of America for commercial/Ag lending, stress testing and ALLL software. For more information call 800.264.0787 or visit http://www.webequitysolutions.com.