Fiserv supports Minority Depository Institutions & minority-owned businesses weather the pandemic

By Pavithra R

Fiserv, a leading global provider of payments and financial services technology solutions, has announced offering Minority Depository Institutions (MDIs) free processing of forgiveness applications for loans made through the U.S. Small Business Administration SBA Paycheck Protection Program (PPP) to minority-owned businesses, as well as complimentary technology and merchant services for these businesses.

Fiserv is providing the service through the Back2Business program from Fiserv, which is designed to help small, minority-owned businesses that have been adversely impacted by the COVID-19 pandemic.

“Small businesses are vital to the well-being of every community, and MDIs play a key role in providing resources for business owners in minority and under-served communities. With this initiative, our goal is to provide added support for MDIs and their minority-owned business customers to help them weather the pandemic,” said Sunil Sachdev, senior vice president and general manager, community segment, Account Processing at Fiserv.

MDIs are critical contributors to their local economies and make a significant percentage of small-business loans to minority borrowers than other financial institutions. According to the SBA, these institutions have made more than 123,000 PPP loans. These businesses are now applying for PPP loan forgiveness.

Fiserv joined StreetShares to offer MDIs the option of using the Forgiveness Express solution, which fastens and streamlines the loan forgiveness application process with automation and a simple user interface. MDIs can use digital tools from StreetShares to process up to 100 PPP 3508S loan forgiveness applications for minority-owned business borrowers at no cost. Besides, MDIs can also offer business customers a free Clover Go card reader or significantly discounted Clover Flex hand-held mobile point-of-sale (POS) device. The Clover Flex comes with tools to help merchants accept online orders and grow customer engagement.

Established since 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The FinTech is a member of the S&P 500 Index and the FORTUNE 500 and is among FORTUNE World’s Most Admired Companies.

Also, read Fiserv’s CheckFreePay enables American Family Insurance to expand walk-in payment options.