FinTech BlueVine has partnered with DoorDash to provide personalized PPP loan application for small businesses.
The opportunity is designed for DoorDash partner restaurants for delivery services. And it’s meant to help these companies save time on the application process.
Independent restaurants have been hit extremely hard by the pandemic. So any opportunity for additional funds can further help stay afloat. However, not everyone feels equipped to apply for and receive government paycheck protection program loans. The federal government recently extended the program until August 8. BlueVine will therefore continue to accept and process requests during this period. As an SBA approved lender, they’ve created a personalized application process designed to be easy for small businesses.
BlueVine, DoorDash PPP Loan Tool for Restaurant Owners
Brad Brodigan, chief commercial officer of BlueVine, said in an email to Small Business Trends: âOur partnership with DoorDash has provided millions in quick funding to restaurants who may have been waiting for news from their traditional bank. We have heard from business owners that the program can be intimidating and confusing, deterring many from applying for a loan. In some cases, business owners were frightened by the lack of information about forgiveness. By receiving information from a trusted source like DoorDash and a streamlined application process and hands-on support from BlueVine, we hope that many restaurants have received PPP loans that otherwise would not have been – especially those that didn’t. may not have had a relationship with their bank. . “
To apply, traders can simply complete the online application on BlueVine’s website by August 8th. The company offers simple application, fast processing, and funding day-to-fund capabilities. You will need some basic business information, a bank account, and tax documents. Businesses just need to have fewer than 500 employees and show some difficulty due to COVID-19 to be eligible for PPP loans.
Loans can be up to $ 2 million at an interest rate of 1%. And they can be used to cover payroll, utility rent, and other approved operating expenses. There is no payment for the first six months. And those who meet certain employee retention conditions may have their loans canceled.
History of the BlueVine and DoorDash partnership
The two companies initially formed this partnership in April. Since then, nearly 200 DoorDash partners have received more than $ 6 million in collective PPP funding. Companies estimate that this can impact more than 1,200 workers. And the majority of those beneficiaries are independent restaurants with fewer than ten employees.
Overall, the idea is to create a quick and easy way for small restaurants to get the help they need. Small restaurants have been hit extremely hard by the pandemic. And many are currently scrambling to reopen or rotate their offerings to delivery or delivery methods. So spending tons of extra time on complicated loan applications might not be an option. This program is designed to make P3 financing more accessible to these small business owners. This could ultimately help more independent restaurants stay afloat.
Brodigan says, âOur partnership with DoorDash has saved independent restaurateurs time by being able to apply for a loan in minutes. BlueVine’s technology is simple, easy to use, and has provided many applicants with same-day funding. Our partnership quickly provided a lifeline for hundreds of independent restaurateurs with our team of trusted advisors helping merchants every step of the way.
More in: Coronavirus Advice