Lehi, Utah, June 12, 2020 (GLOBE NEWSWIRE) – Lendio, the nation’s leading marketplace for small business lending, announced today that it will be working with financial institutions across the country to apply for loan forgiveness from the Paycheck Protection Program (PPP ) to support . Lendio’s combination of a secure white label borrower portal in addition to the backend lender portal provides the tools necessary to provide a scalable technology solution that supports the entire lending process.
The PPP has helped millions of small business owners obtain SBA emergency supplies following the COVID-19 pandemic. With the completion of the PPP loan application process on June 30, 2020, the focus will be on lending for small business owners. As set out in the Paycheck Protection Program Flexibility Act, PPP loans are forgivable when the funds are used for eligible expenses, with at least 60% being used for payroll.
On a broad front, financial institutions were faced with the challenge of meeting the unprecedented demand for aid through the PPP. Many of these institutions do not have the resources to deploy the technology or human capital to handle the volume of loan waiver applications that will be filed in the months ahead. Lendio will use its expertise and experience working with financial institutions both before and during the PPP to advance the next phase of the program.
Financial institutions can work with Lendio in two ways to issue PPP loans. Lendio will help financial institutions use technology to efficiently process large volumes of loan applications. Lendio will also offer an option for end-to-end lending assistance from dedicated lending agents. With this approach, financial institutions and their customers benefit from Lendio’s high-tech and high-touch customer experience. Lendio’s team of lending agents will provide personal assistance to applicants throughout the process.
“We are excited to support both financial institutions and small business owners in this next step in the relief funding process,” said Brock Blake, CEO and co-founder of Lendio. “Lendio has set itself the goal of providing small business owners and financial institutions who have paid off their loans during these difficult times with an optimized, worry-free application for forgiveness.”
“We see this offering as the next step in helping small business owners get back into business,” said Denada Ramnishta, SVP of Lender & Partner Strategy at Lendio. “Lendio has a unique ability to be flexible in responding to the needs of both lenders and borrowers, and we are well positioned to play an active role in this part of the PPP.”
Lendio has helped over 300 financial institutions accept and process over 100,000 PPP loans totaling more than $ 8 billion in approvals.
Financial institutions interested in partnering with Lendio in this role can email [email protected]
Lendio is a free online marketplace that uses machine learning to help business owners find the right small business loans in minutes. With a network of over 300 lenders offering multiple loan products and over 200,000 small business loans enabled, Lendio’s marketplace is the largest in the country and the center of small business lending. Lendio, based in the Silicon Slopes of Lehi, Utah, was recently named one of Glassdoor’s Top 50 Workplaces and was certified as a Great Place to Work for four consecutive years by independent analysts at Great Place to Work®. In addition, Lendio is ranked on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces. For every new loan brokered on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, provides a micro-loan to a low-income entrepreneur around the world through Kiva.org. More information about Lendio can be found at www.lendio.com. Information on Lendio’s franchising opportunities can be found at www.lendiofranchise.com.