LendingUSA, a U.S.-based fintech lender that provides loans to small businesses ranging from $1000 to $35,000, recently announced it has teamed up with Cross River Bank to open second round of Paycheck Protection Program (PPP) applications for small businesses. LendingUSA reported that small business owners may apply for a loan of up to $2 million for eligible expenses, subject to varying exceptions and eligibility criteria may app. The second round is open for both first-time and second-time borrowers and requires no collateral or personal guarantees.
“PPP loans also provide qualifying eligible borrowers with loan forgiveness of up to 100% if loan proceeds are used for designated expenses while maintaining salaries and headcount for the covered period in accordance with the rules. Business owners applying for a second draw loan may have no more than 300 employees and must show at least a 25% reduction in revenue in accordance with the requirements.”
While sharing more details about the applications, Camilo Concha, Founder and CEO of LendingUSA, stated:
“LendingUSA is proud to be able to play a role to help small businesses by offering them the opportunity to apply for the Paycheck Protection Program in partnership with Cross River Bank.”
As previously reported, LendingUSA specializes in point of need and direct-to-consumer financing solutions for the elective medical industry, dental care, pets, pet care, consumer goods and services, etc. It also powers a proprietary network of websites that provide thousands of personal loans each month to meet a variety of needs.
“Since its inception, LendingUSA has grown to over 10,000 merchant clients nationwide and has processed over $2 billion in borrower loan requests. LendingUSA offers its merchants access to its easy-to-use platform that allows them to complete applications in a matter of minutes and receive loan decisions within seconds.”
Less than six months ago, LendingUSA announced it secured a $200 million investment commitment from Atalaya Capital Management.