Credibly, a small and medium-sized business lending platform, announced on Friday it has been named an Approved Lender for the Paycheck Protection Program (PPP).
As previously reported the U.S. Senate passed $484 billion in new pandemic relief funds to provide additional funding to the PPP small business aid program, pay for coronavirus testing, and help hospitals deluged by sick patients. The approved package will provide $320 billion to allow the PPP to take new applicants for the program, which provides forgivable loans to small businesses that keep employees on the payroll for eight weeks. In addition, $30 billion of the PPP loan funds are set aside for banks and credit unions with $10 billion to $50 billion in assets, and another $30 billion is set aside for even- smaller institutions.
Credibly reported it will leverage its online application and servicing capabilities to help small businesses (SMBs) receive streamlined access to federally-backed COVID-19 stimulus funding. Speaking about the approval, Ryan Rosett, Founder and Co-CEO, stated:
“Most small businesses only have about 8 weeks of cash reserves on-hand and the COVID-19 pandemic has been disrupting business ecosystems for months. The ability to offer SMBs access to the capital support they need at this time is critical.”
Founded in 2010, Credibly states it uses “cutting-edge” data science, technology, partner relations, and customer support to provide business owners with accelerated access to right-size capital solutions. The online lender revealed it has provided access to over $950 million to more than 19,000 small businesses nationwide.