All of the Fintechs Involved in PPP Loans

It has been an interesting to say the least as we have watched everything play out with the Paycheck Protection Program loan process. Fintechs were eager to help small businesses with the $349 billion initially allocated to small businesses but initially there wasn’t clarity on when it might be possible. For many who wanted to be among the first to apply, going through a bank was the only option as LendIt Fintech experienced firsthand. As we stand today there are now many fintechs, both lenders and banks involved in the process although the initial $349 billion allocated to the PPP has run out, according to Senator Rubio this morning. It is expected that Congress will appropriate additional funds soon.

Approvals started with small business lenders like Kabbage, made possible through an unnamed bank partner. Then this week we saw lenders get approved on a standalone basis. Other fintechs have taken an entirely different route. StreetShares had originally planned to offer SBA loans but then opted to instead partner with Fiserv. They are providing to them a secure portal for bankers to review and prepare documents while also providing application processing and eligibility checks.

If you’re looking for a full list of PPP lenders, Gusto has created this helpful Google sheet which continues to be updated with the status of each lender.

We will continue to update the list below as more fintechs get approved.

Approved Fintech PPP Lenders

PayPal
Quickbooks
Square
OnDeck
Funding Circle
Kabbage
Bluevine
Credibly
Fundbox

Fintechs Working with Partner Banks for PPP Loans

Fundera
Lendio
Brex
Nav
SmartBiz
Biz2Credit

Fintech banks processing applications

Cross River Bank
Celtic Bank
Radius Bank
Sunrise Banks

It is difficult to overstate the importance of the PPP for the health of American small business. For many, it will have come too late but for millions of small businesses this money will allow them to stay in business and keep paying their employees. Congress needs to set aside its differences and provide more money for this program immediately. There is still a huge number of small businesses that need this money.

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Paula M.
Paula M.
Apr. 21, 2020 1:12 pm

I applied for a PPP loan through Fundera the first day applications were being taken. I supplied all the necessary financial and personal documents. I finally received an email today, stating that I had been “matched” with Cross River Bank, and to apply. I used the link, and it just says they are no longer taking applications. So…I supplied all my financial documents a month ago, and basically need to start at the bottom of the list again. What a travesty.

Peter Renton
Admin
Peter Renton(@peter)
Apr. 21, 2020 1:56 pm
Reply to  Paula M.

With a second round of the PPP probably about to start I would hold tight. I expect many banks will be reopening their PPP applications once there are more funds available.

Paula M.
Paula M.
Apr. 21, 2020 7:31 pm
Reply to  Peter Renton

Hi Peter. Thank you for the reply. The email sent by Fundera included a “unique link” to Cross River Bank; where I’m asked to basically start a new application and resubmit all the necessary documents).

I am left to assume the application and documents already submitted to Fundera were basically a waste of time, and I’ve waited 3 weeks to merely receive the name of a lending bank. I assume I will be at the bottom of list, after resubmitting everything, and that going through Fundera was a colossal waste of time, and possibly will cause me to again miss out on funding being available.

Justin
Justin
Apr. 21, 2020 10:17 pm
Reply to  Paula M.

I had the exact same experience with Fundera, Paula. Same bank and everything. Very frustrating. Makes me want to wait to hear back from Kabbage or Lendio instead.

Howard
Howard
Apr. 27, 2020 12:20 pm
Reply to  Justin

I am self-employed. My credit union referred me to Kabbage. It appears they are not accepting applications from self-employed as their online application will not progress if you have “0” employees. I have taken to searching elsewhere.

Glenn
Glenn
May. 1, 2020 5:17 am

Howard – you have to count yourself as an employee so put 1 in the employee field and then count your compensation as your payroll.