![]() Funding Circleįunding Circle, one of the largest online lenders, has provided more than $11 billion in loans to 81,000 businesses worldwide since its founding. It also said it has facilitated more than $500 million in PPP loans to date. Credibly claims it has simplified the process and only takes “minutes” to apply for a PPP loan application using its platform. Since its founding in 2010, Credibly has issued more than $1 billion in loans to small and medium-sized businesses around the United States. On top of a swift application process, BlueVine says it has “experienced advisors” on hand to answer questions and help with the application. BlueVineīlueVine, an online lender that has processed more than $3 billion in loans since its founding in 2013, has begun accepting PPP applications. ![]() Here are eight innovative fintech companies now offering PPP loans to small businesses, as well as several fintech firms that can help you apply for PPP loans. These fintech companies have a role to play by helping small businesses that may not have an established lending relationship with a large bank, community bank or credit union. While traditional banks were originally the only lenders offering access to PPP loans to small businesses, fintech (financial technology) companies have now also been approved by the Small Business Administration (SBA) to accept applications and facilitate loans. The original $349 billion in funding for PPP, which was allocated by Congress as part of the CARES Act, ran out of money but $320 billion in new funding was approved in April. One of the biggest ways the federal government has attempted to aid small businesses during the coronavirus pandemic was the creation of the Paycheck Protection Program (PPP), which helps businesses secure forgivable loans and keep workers employed. For more on stimulus aid still available, see our main story here. Some community lending institutions are still accepting applications from minority-owned and women-owned businesses and businesses in underserved communities to continue to disseminate funding earmarked for that purpose. For more information on other grants, loans and programs available to small businesses, please see these articles:ģ0+ Grants, Loans and Programs to Benefit Your Small BusinessĪ Practical Guide to Funding Your Small Business with Business Loansįor more on stimulus aid still available, see our main story here. PPP applications are no longer being accepted. Updated 6/1/21: The PPP loan application portal is closed. From QuickBooks to PayPal, these fintech companies are stepping in to offer loans to businesses struggling amid COVID-19.
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