Nav, a U.S.-based financing platform for small businesses, announced on Monday it has launched its Paycheck Protection Program (PPP) Application Portal. According to Nav, the portal is to help small businesses quickly apply for the new round of PPP loans.
“The Nav PPP Portal simplifies and streamlines the process of submitting for PPP loans and guides business owners through application in 15 minutes. This functionality is enabled by Nav’s partnership with multiple national and regional lenders including the No. 1 SBA loan origination software and services partner.”
Nav further revealed that in 2020 it assisted more than 6,000 small businesses in securing loans, but unfortunately saw the funds fall short for far too many.
“A recent report from Nav showed that, in the first round, only 36 percent of the smallest US businesses applied, versus 61 percent of mid-sized businesses. It’s clear that for the smallest businesses, the sheer resources required to apply are too heavy a burden. The same report revealed that the smallest companies found the application paperwork to be the ‘most frustrating’ part of the PPP.”
Speaking about the application’s portal launch, Greg Ott, CEO at Nav, stated:
“At Nav we’re committed to helping more small businesses thrive, especially so during the current economic uncertainty and global pandemic. This year it became glaringly evident that small businesses need a clearer, easier path to financing—loans through the Paycheck Protection Program included. Our portal streamlines the PPP application process so small business owners can secure the funds they need to keep their doors open without straining already-thin resources in the process.”
Nav then added that in addition to the portal, it offers several resources, including PPP Loan Calculator, which helps business owners determine what financing and forgiveness they qualify before they apply at no cost. Nav added:
“The company also regularly updates free educational resources to help people understand how to apply for this round of PPP and other forms of relief, like Economic Injury Disaster Loan (EIDL) grants.”
Founded in 2012, Nav stated it was created to have a meaningful impact on the lives of millions of small business owners by bringing efficiency and transparency to financial decision making.
“We are changing the way these business owners secure lending with our innovative technology and customer-centric approach.”