Lendio is restarting Paycheck Protection Loans
Lehi, Utah, December 29, 2020 (GLOBE NEWSWIRE) – Lendio, the nation’s leading marketplace for small business loans, announced today that it has launched its streamlined Online application Small business owners can access government funding earmarked for additional Paycheck Protection Program (PPP) loans.
To date, Lendio has more than made it easier $ 8 billion in PPP loan approvals for more than 100,000 small business owners across the country. This was made possible by Lendio’s leading marketplace for SBA approved lenders, its technical infrastructure that optimized every aspect of the process, and its robust team of credit professionals who can guide business owners through every step of the process.
In the first few weeks of the PPP, Lendio launched digital PPP loan applications for more than 250 financial institutions through a strategic partnership with Jack Henry & Associates, Inc., a leading provider of technology solutions and payment processing services to the financial services industry. Many banks in the Jack Henry ecosystem, such as Northeast Bank, Wilson Bank & Trust, and Legacy Bank, are among the Top PPP Lender on Lendio’s Marketplace PlatformPut aid into the hands of thousands of small businesses throughout the life of the program.
“[Lendio] seemed to go out of its way to provide answers and solutions to us as lenders at every stage of the process, ”said David Burandt, Commercial Loan Officer, Jefferson Financial Federal Credit Union. “In addition, the Jack Henry by Lendio platform ensured that things were organized and run smoothly within a number of parameters, which at times was the opposite of the PPP process.”
Small business owners can apply directly through Lendio and be connected to one of the approved financiers in the Lendio network of banks, credit unions, non-bank lenders and fintech lenders. Lendio continues to support the online PPP loan application process for hundreds of financial institutions across the country to provide better access to aid funds for the small business customers of these institutions.
“We’re excited to see more PPP funding made available to small business owners,” said Brock Blake, CEO and co-founder of Lendio. “These funds are known to be a virtual lifeline and have saved millions of jobs across the country. The Lendio team has worked to prepare and improve the technology that has enabled us to enable over $ 8 billion in loan approvals in the early rounds of the PPP. “
The final round of PPP funding comes after the first program, which is part of the CARES law passed in March, started its course in August. The new round provides $ 285 billion for the country’s small business owners in dire need of aid. Loans can be granted to qualified first-time PPP applicants. Small business owners who have already received PPP funding will be able to enter a second drawing if they have seen a 25% drop in sales this year.
As an advocate for small business success, Lendio offers a variety of solutions to help small business owners on their way to recovery and continued growth. Lendio’s credit market is open to companies looking for additional forms of financing. For companies that have already received their first PPP loan and are working on the award process, sunrise by Lendio helps to speed up the process by categorizing and facilitating the documents required for lending. Sunrise has helped over 12,200 business owners begin or complete this process to date.
“Demand for funding has never been so high,” Blake continued. “Lendio works to bring small businesses together with trusted lenders and the right financing solutions in the fastest and easiest way possible.”
Lendio is the nation’s leading marketplace for small business loans. With its diverse network of lenders, Lendio enables small business owners to apply for multiple loan products with a single application. To date, Lendio has enabled over 200,000 small business loans with total funding of $ 10 billion, including $ 8 billion in PPP loans as part of government COVID-19 relief. Lendio is a values-driven organization committed to providing underserved communities and America’s smallest businesses with equal access to capital. For every new market loan that Lendio grants, Lendio Gives – an employee contribution and employer matching fund – provides a microloan to low-income entrepreneurs around the world. You can find more information about Lendio at www.lendio.com.