Credibly Announces Designation as Approved Lender for SBA Paycheck Protection Program
DETROIT–(BUSINESS WIRE)–Credibly, a leading, national small business fintech lender, today announced its designation as an Approved Lender for the SBA Paycheck Protection Program (PPP). As an SBA Approved Lender for the PPP program, Credibly will leverage its online application and servicing capabilities to help small businesses (SMBs) receive streamlined access to federally-backed COVID-19 stimulus funding.
As part of the CARES Act, the Paycheck Protection Program was established by Congress and is being implemented by the U.S. Treasury Department and the SBA to help stimulate the economy by incentivizing SMBs to keep their workforce on payroll, while providing low-interest working capital support with deferred payments and loan forgiveness on eligible expenses.
“We’re incredibly excited about the opportunity to help facilitate SBA loans to small businesses throughout the United States,” said Ryan Rosett, Founder and Co-CEO. “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.”
Credibly’s secure online portal helps business owners ensure that their application is complete and accurate by verifying eligibility and helping to calculate payroll expenses. With the second round of PPP stimulus funds being released in just a few days, Credibly is doing everything it can to ensure its small business customers receive funding they deserve.
Credibly was one of a handful of fintech companies that was selected as a non-bank lender. Among the other fintech lenders awarded this approval by the SBA are Intuit (INTU), Square (SQ), and PayPal (PYPL).
Credibly is a Data Science-driven fintech lending platform which improves the speed, cost, experience, and choice of capital to SMBs. The company provides balance sheet, syndication, and off-balance sheet funding options, while offering its partners access to its robust data science capabilities. Founded in 2010, Credibly has sustained rapid growth and provided over $1B in financing to SMBs, while maintaining a strong emphasis on risk management and a culture of compliance. From 2014 to 2016, the company made consecutive appearances on the Inc. 500 list of Fastest Growing Private U.S. companies, as well as Crain’s Fast 50 in the State of New York in 2015 and 2016. In 2017 Credibly became the first company in its space to acquire the servicing rights to a competitor’s portfolio ($250MM). Credibly was selected for its proven approach to managing risk. In late 2018, the company completed its first asset-backed securitization and followed with an investment grade senior debt offering in 2019. Credibly’s headquarters are in Southfield, Michigan, with offices in New York, Arizona, Ukraine, and India. For more information, please visit www.credibly.com.