Dec 29, 2020
After facilitating $8 billion in approvals for COVID-19 relief funds, the company opens its preliminary digital PPP application to expedite the approval process for small businesses when the SBA reopens the program
Lehi, Utah – December 29, 2020 – Lendio, the nation’s leading small business loan marketplace, today announced it has opened its streamlined preliminary online application for small business owners to access the government funds set aside for additional Paycheck Protection Program (PPP) loans. The application will be updated once the SBA releases updated rules and regulations for PPP loans.
To date, Lendio has facilitated more than $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 robust team of loan experts who can walk business owners through each step of the process.
In the first 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 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 marketplace platform, getting relief funds into the hands of thousands of small businesses throughout the duration of the program.
“[Lendio] seemed to go out of their way to provide answers and solutions at each stage of the process for us as lenders,” said David Burandt, Commercial Loan Officer, Jefferson Financial Federal Credit Union. “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.”
Small business owners can apply directly through Lendio and be connected with one of the approved capital providers in Lendio’s network of banks, credit unions, non-bank lenders and fintech lenders. Lendio also continues to power the online PPP loan application process for hundreds of financial institutions across the country to provide streamlined access to relief funds for these institutions’ small business clients.
“We are pleased that more PPP funds have been made available for small business owners,” said Brock Blake, CEO and co-founder of Lendio. “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.”
The latest PPP funding round comes after the initial program, part of the CARES Act passed in March, ran its course in August. The new round sets aside $285 billion for the nation’s small business owners in desperate need of relief funds. Loans can be issued to qualified first-time PPP applicants. Small business owners who already received PPP funds are eligible for a Second Draw if they are able to show a decrease of 25% in revenue this year.
As an advocate for small business success, Lendio provides a variety of solutions to help small business owners on the path to recovery and continued growth. Lendio’s loan marketplace is open to businesses seeking additional forms of financing. For businesses that have already secured their first PPP loan and are working on the forgiveness process, Sunrise by Lendio is helping to expedite the process by categorizing and facilitating the needed documentation for loan forgiveness. Sunrise has helped over 12,200 business owners begin or complete that process to date.
“Demand for funding has never been greater,” continued Blake. “Lendio is working to match small businesses with trusted lenders and the right financing solutions in the fastest, easiest way possible.”
Lendio is the nation’s leading small business loan marketplace. 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 facilitated over 200,000 small business loans for $10 billion in total funding, including $8 billion in PPP loan approvals as part of government COVID-19 relief. Lendio is a values-driven organization striving to provide equal access to capital to underserved communities and America’s smallest businesses. For every new marketplace loan Lendio facilitates, Lendio Gives—an employee-contribution and employer-matching fund—provides a microloan to a low-income entrepreneur around the world.
Spencer has spent the last ten years in the throes of all things marketing and communications. In the past, he has written for companies and clients spanning restaurants to SAAS companies, and entertainment guilds to yoga studios. Spencer has a B.S. in Communications from the University of Utah. When not writing or working, he can be found in the mountains on a hike, in a movie theater with a tub of popcorn, or on stage at a local theater.
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