Jun 12, 2020
Banks will harness Lendio’s high-tech, high-touch solution to provide a streamlined forgiveness application process for small business owners
Lehi, Utah – June 12, 2020 – Lendio, the nation’s leading marketplace for small business loans, today announced it will partner with financial institutions across the country to power the forgiveness application process for Paycheck Protection Program (PPP) loans. Lendio’s combination of a secure white-labeled borrower portal, in addition to the backend lender portal, provides the necessary tools to deliver a scalable technology solution to support the entire loan forgiveness process.
The PPP has helped millions of small business owners receive SBA emergency relief funding in the wake of the COVID-19 pandemic. As the PPP loan application process comes to a close on June 30, 2020, the focus turns to loan forgiveness for small business owners. As outlined in the Paycheck Protection Program Flexibility Act, PPP loans are forgivable if funds are used on eligible expenses, with at least 60% going to payroll.
Across the board, financial institutions have been challenged to handle the unprecedented demand for relief funds through the PPP. Many of these institutions do not have the overhead to employ the technology or human capital needed to handle the volume of loan forgiveness applications that will be submitted in the coming months. Lendio will harness its expertise and experience in partnering with financial institutions, both prior to and during the PPP, to power the next phase of the program.
Financial institutions can partner with Lendio on PPP loan forgiveness in one of two ways. Lendio will help financial institutions harness technology to efficiently process large volumes of loan forgiveness applications. Lendio will also provide an option for end-to-end loan forgiveness support through dedicated loan forgiveness agents. Through this approach, financial institutions and their clients will benefit from Lendio’s high-tech, high-touch customer experience. Lendio’s team of loan forgiveness agents will provide personalized assistance to applicants throughout the process.
“We are excited to be assisting both financial institutions and small business owners with this next step in the relief funding process,” said Brock Blake, CEO and co-founder of Lendio. “Lendio aims to provide a streamlined, worry-free forgiveness application process for small business owners and for the financial institutions that stepped up to fulfill their loans during this challenging time.”
“We see this offering as the next step in helping small business owners get back to business,” said Denada Ramnishta, SVP of Lender & Partner Strategy at Lendio. “Lendio has a unique ability to be agile in responding to both lender and borrower needs, and we are well-positioned to take an active role in this portion of the PPP.”
Lendio has supported over 300 financial institutions to accept and process over 100,000 PPP loans totaling more than $8 billion in approvals.
Financial institutions interested in partnering with Lendio in this capacity can email [email protected].
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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Email: [email protected]