Online lending platform Lendio announced on Friday it will partner with financial institutions across the U.S. to power the forgiveness application process for Paycheck Protection Program (PPP) loans.
As previously reported, the PPP is part of the $2 trillion CARES Act signed on March 27, 2020, aimed at getting small business owners back on their feet and millions of Americans back to work following the COVID-19 pandemic. The first round of program quickly closed and 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 during the COVID-19 pandemic.
Lendio reported that its combination of a secure white-labeled borrower portal, in addition to the backend lender portal, provides the necessary tools to deliver a scalable technology solution to support the entire loan forgiveness process. The lender will be using its expertise and experience in partnering with financial institutions, both prior to and during the PPP, to power the next phase of the program.
“Financial institutions can partner with Lendio on PPP loan forgiveness in one of two ways. Lendio will help financial institutions harness technology to efficiently process large volumes of loan forgiveness applications. Lendio will also provide an option for end-to-end loan forgiveness support through dedicated loan forgiveness agents. Through this approach, financial institutions and their clients will benefit from Lendio’s high-tech, high-touch customer experience.”
Speaking about the collaboration with financial institutions, Brock Blake, CEO and Co-Founder of Lendio, stated:
“Lendio aims to provide a streamlined, worry-free forgiveness application process for small business owners and for the financial institutions that stepped up to fulfill their loans during this challenging time.”
Lendio added it has supported over 300 financial institutions to accept and process more than 100,000 PPP loans totaling over $8 billion in approvals.