Fintechs Authorized to Make Small Business Loans as Part of Government Stimulus

Last week the government passed the CARES Act which included $349 billion in loan guarantees for small businesses; we also held a webinar where various fintech companies shared how they were ready and willing to help small businesses; now we have clarity that fintechs will indeed be able to participate with Treasury Secretary Steve Mnuchin stating, “Any FDIC bank, any credit union, any fintech lender will be authorized to make these loans to a small business subject to certain approvals.” This is welcome news for fintech companies and small businesses alike and it’s great to see the government acknowledging the importance that fintech companies play in the financial system today. Lend Academy

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