Lendio, a small business loan marketplace, launched an online application for small business owners to access the $349 billion in government funds set aside for the Paycheck Protection Program (PPP).
Small business owners can apply directly through Lendio and will be connected with one of the approved capital providers in Lendio’s network of banks, credit unions and fintech lenders. Lendio is also powering the online PPP loan application process for hundreds of financial institutions across the country in order to provide access to relief funds for small business clients.
“We know that at this point, time is of the essence. Small business owners are in desperate need of relief, and we want to provide this to them in the most efficient way possible,” Brock Blake, CEO and co-founder of Lendio, said. “Our team has been working day and night over the last week to ensure that the online application process is quick and simple, and to ensure that we can support the high level of demand we expect to see. We also are helping financial institutions across the country with the application process so they can get up and running to facilitate capital as quickly as possible.”
The PPP is part of the $2 trillion CARES Act signed on March 27, 2020. Small businesses qualify for the program if they have fewer than 500 employees and were in business before Feb. 15, 2020. The loans provide up to $10 million for business owners to use on payroll, rent, mortgage interest or utilities. The loans can be forgiven if used on those expenses and businesses keep all employees on payroll for eight weeks.
Lendio is not a direct lender but will facilitate PPP loans through its network of approved lenders which include traditional banks, credit unions and fintech lenders. Lendio’s loan matching service is free to business owners and provides them with a loan agent who can answer questions and help guide them through the PPP loan process. Agents also will help business owners assess their future capital needs and provide guidance about long-term financing solutions.
“This is truly an unprecedented time for small businesses around the country,” continued Blake. “Over the next 90 days, we anticipate some 30 million small business owners looking for relief capital. Our hope is that the combination of Lendio’s high-tech application process and an unparalleled network of lenders will make the PPP loan process as quick as possible for as many business owners as possible.”
Lendio is a free online marketplace that leverages machine learning to help business owners find small business loans.