Lendio relaunches online PPP loan application for small businesses
By Pavithra R
Lendio, a leading marketplace for small business (SME) loans, announced that the company has relaunched its streamlined online application allowing small business owners to access government funds set aside for additional Check Protection Program loans. payroll (PPP).
The new round of PPP is setting aside $ 285 billion for small business owners nationwide who are in desperate need of relief funds. Lendio has so far facilitated $ 8 billion in Paycheck Protection Program (P3) loans for 100,000 small businesses. In the first few weeks of PPP, the company launched digital PPP loan applications for over 250 FIs through a strategic partnership with Jack Henry & Associates. Many of the banks in the Jack Henry ecosystem, such as Wilson Bank & Trust, Northeast Bank, and Legacy Bank, are among the top PPP lenders on Lendio’s market platform.
“Lendio seemed to go out of his way to provide answers and solutions every step of the way for us as lenders. In addition, the Jack Henry by Lendio platform also kept things organized and running smoothly within a set of parameters that were sometimes really the opposite of the PPP process, ”said David Burandt, Head of PPP. commercial loans, Jefferson Financial Federal Credit Union. .
SME owners can apply directly through Lendio and connect with approved capital providers in Lendio’s network of banks, credit unions (CUs), non-bank lenders and FinTech lenders. The company continues to fuel the online PPP loan application process for financial institutions across the country to provide streamlined access to relief funds for small business clients of these institutions. Small business owners who received PPP funds in the first round are eligible for a second draw if they are able to show a 25% decrease in their income this year.
“We are delighted that more P3 funds have been made available to small business owners. These funds, as we know, are a virtual lifeline and have saved millions of jobs across the country. The Lendio team has been working to prepare and improve the technology that has enabled us to facilitate over $ 8 billion in loan approvals in the early rounds of PPP, ”said Brock Blake, CEO and co – founder of Lendio.
Founded in 2011, Lendio is a free online service that helps customers find the right small business loans instantly. According to company data, FinTech has completed more than 10 B financings and has more than 75 lenders in its network.
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