KNOXVILLE, Tenn. — PROCON is introducing LoanPlus, which will be managed by a new Lender Services division that the company says can help lenders better protect their assets if a consumer defaults.

The company's new LoanPlus program is based on GPS telemetrics and is designed to provide financial lending institutions with a better way to secure assets on consumer and wholesale lending.

"Our ongoing involvement with the banking industry has show us lenders require special attention involving both industry experience and client-specific support," stated Tim Welch, chief operating officer for PROCON.

"To meet these needs, we have established a unique team of experienced people and technologies to serve the banking community in their efforts to protect their loan assets," he explained.

The company's new Lender Services division, headed by vice president Jim Giammarco, has dedicated information technology, account management and field services staff in place to support and improve upon LoanPlus' portfolio of loans and vehicles that are monitored around the clock, officials commented.

"Lenders are looking for ways to secure their loans, improve collections and reduce costs all at the same time," Giammarco said.

"We all know capital is difficult to acquire in today's market, so lenders must get as much value as possible from the resources they have available," he continued. "We can definitely help them."

PROCON executives also stated that its clients who are already using the LoanPlus technology are experiencing improvements in collection and efficiencies in operations through individual attention paid to their individual sets of needs.

"No two bank clients have been the same so far, and the main issues tend to be security of information and privacy matters," Giammarco highlighted. "We address these concerns with our unique programming and hardware technologies."

For more on LoanPlus, visit www.loanplusgps.com.