Womply, a software and API company serving small businesses and app developers, today announced that it is helping American small businesses get faster access to Paycheck Protection Program loans as a verified loan agent for multiple SBA 7(a) lenders.
Womply is working with banks and financial institutions approved by the U.S. Small Business Administration to make forgivable PPP loans. As a loan agent with formal relationships with approved PPP lenders, Womply helps small businesses get a jumpstart on their PPP loan application, collect the required documentation, and save their place in line with SBA-approved lenders.
Womply is also helping other technology and service companies that serve small businesses streamline the PPP application process for their merchant customers. For more information, reach out to firstname.lastname@example.org.
“Millions of small businesses are on the brink of death and need urgent access to capital,” says Womply Founder and CEO Toby Scammell. “Many of these businesses have days, not weeks, before they will never be able to reopen. To help avoid a mass extinction event among small businesses-, we’re dedicating all our resources to help them access capital immediately.”
In late March, the federal government approved $349 billion in emergency funding for small businesses through the PPP provision of the $2 trillion CARES Act for economic relief from the COVID-19 outbreak. The PPP enables private lenders, approved by the SBA, to facilitate these forgivable loans to small businesses. Fintech News
To expedite payment, Womply has partnered with approved lenders to streamline the pre-lending processes so small businesses can reduce the time required to get cash in hand. Womply serves more than 450,000 small businesses and has been facilitating the pre-lending process on behalf of other private technology companies that serve millions of small businesses.
Small businesses have faced outsized financial challenges as the COVID-19 pandemic has brought the U.S. economy to an unprecedented slowdown. According to Womply analysis, small business revenue has seen a steep and sustained decline since COVID-19 pressures came to a head in the U.S. in mid-March, with potentially millions of businesses effectively shutting down as transaction volume completely dries up amid stay-at-home orders to flatten the coronavirus curve.
“We’ve never seen an economic situation like this before, and small businesses that make up half of the U.S. economy are exposed more than any other sector of the economy,” Scammell says. “The PPP loan initiative is a vital first step to stabilizing these businesses, and our goal is to make the process as fast, efficient, and effective as possible. We are not a lender, but we can connect small businesses to lenders faster than anyone. Time is of the essence for millions of businesses at imminent risk of dying.”
In addition to connecting small businesses directly to approved PPP lenders, Womply has been reviewing all federal guidance on the program and helping small businesses make sense of it. If you run a business, you can review a detailed FAQ on the PPP program, see which documents your lender will likely need, and apply for a PPP loan right away. Womply’s dedicated support team is also standing by to help.