Lendio relaunches online PPP loan application for small businesses
By Pavithra R
Lendio, a leading marketplace for small business (SMB) loans, announced that the company has relaunched its streamlined online application for SMB owners to access the government funds set aside for additional Paycheck Protection Program (PPP) loans.
The new PPP round sets aside $285 bn for the nation’s SMB owners in desperate need of relief funds. Lendio has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. In the first weeks of the PPP, the firm launched digital PPP loan applications for more than 250 FIs through a strategic partnership with Jack Henry & Associates. Many 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 marketplace platform.
“Lendio seemed to go out of their way to provide answers and solutions at each stage of the process for us as lenders. Furthermore, the Jack Henry by Lendio platform also kept things organized and running smoothly within a set of parameters that was really the opposite of that in regards to the PPP process at times,” said David Burandt, Commercial Loan Officer, Jefferson Financial Federal Credit Union.
SMB owners can apply directly through Lendio and get connected with approved capital providers in Lendio’s network of banks, credit unions(CUs), non-bank lenders and FinTech lenders. The firm continues to power the online PPP loan application process for FIs across the country to provide streamlined access to relief funds for these institutions’ small business clients. SMB owners who received PPP funds in the first round are eligible for a second draw if they are able to show a decrease of 25% in revenue this year.
“We are pleased that more PPP funds have been made available for small business owners. These funds, as we know, are a virtual lifeline and have preserved millions of jobs around the country. The Lendio team has been working to prepare and improve upon the technology that enabled us to facilitate over $8 billion in loan approvals in the first rounds of the PPP,” said Brock Blake, CEO and co-founder of Lendio.
Founded in 2011, Lendio is a free online service that helps clients find the right small business loans instantly. According to company data, the FinTech has performed over 10+ B funding and has more than 75 lenders in its network.
IBSi Daily News Analysis
August 12, 2022
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