After facilitating $ 8 billion in approvals for COVID-19 relief funds, the company is relaunching its digital PPP app to speed up the approval process for small businesses when the program reopens
Lehi, Utah, December 29, 2020 (GLOBE NEWSWIRE) – Lendio, the nation’s leading small business lending marketplace, today announced it has relaunched its streamlined online app for small business owners to access government funds put aside for an additional paycheck protection program (P3) loans.
To date, Lendio has facilitated over $ 8 billion in PPP loan approvals for more than 100,000 small business owners across the country. This effort was made possible by Lendio’s leading marketplace of SBA approved lenders, its technical infrastructure that has optimized every aspect of the process, and its strong team of loan experts who can guide business owners every step of the way. process.
In the first few weeks of the PPP, Lendio initiated 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 services in payment processing for 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 lenders on Lendio’s market platform, putting relief funds in the hands of thousands of people. small businesses throughout the duration of the program.
“[Lendio] seemed to go out of their way to provide answers and solutions every step of the way for us as lenders, ”said David Burandt, head of commercial loans, Jefferson Financial Federal Credit Union. “In addition, the Jack Henry by Lendio platform also helped keep things organized and run smoothly within a set of parameters that was sometimes really the opposite of the PPP process. “
Small business owners can apply directly through Lendio and be matched with one of Lendio’s approved capital providers in Lendio’s network of banks, credit unions, non-bank lenders and fintech lenders. Lendio also continues to feed the online PPP loan application process for hundreds of financial institutions across the country to provide streamlined access to relief funds for small business clients of these institutions.
“We are delighted that more P3 funds have been made available to small business owners,” said Brock Blake, CEO and co-founder of Lendio. “These funds, as we know, are a virtual lifeline and have saved millions of jobs across the country. The Lendio team worked to prepare and improve the technology that allowed us to facilitate over $ 8 billion in loan approvals in the early rounds of the PPP.
The latest round of PPP funding comes after the initial program, which is part of the CARES law passed in March, ran its course in August. The new round is setting aside $ 285 billion for small business owners across the country who are in desperate need of relief funds. Loans can be made to qualified first-time PPP applicants. Small business owners who have already received P3 funds are eligible for a second draw if they are able to show a 25% decrease in income this year.
As an advocate for small business success, Lendio offers a variety of solutions to help small business owners on the path to recovery and continued growth. Lendio’s loan market is open to businesses looking for other forms of financing. For businesses that have already secured their first PPP loan and are working on the forgiveness process, Sunrise by Lendio helps speed up the process by categorizing and facilitating the documentation required for loan forgiveness. Sunrise has helped over 12,200 business owners start or complete this process to date.
“The demand for funding has never been greater,” continued Blake. “Lendio strives to connect small businesses with trusted lenders and the right financing solutions in the fastest and easiest way possible.”
Lendio is the country’s leading small business loan market. With its diverse network of lenders, Lendio enables small business owners to apply for multiple loan products with a single request. To date, Lendio has facilitated more than 200,000 small business loans with total funding of $ 10 billion, including $ 8 billion in PPP loan approvals as part of the government’s COVID-19 relief. Lendio is a values-driven organization that strives to provide equal access to capital to underserved communities and America’s smallest businesses. For every new market loan that Lendio facilitates, Lendio Gives – an employee contribution and employer matching fund – provides a microcredit to a low-income entrepreneur around the world. More information about Lendio is available at www.lendio.com.
CONTACT: Melanie King Lendio 801-748-4782 [email protected]