Detroit, MI, April 27, 2020
Credibly, a leading, national small business fintech lender, announced on Friday its designation as an Approved Lender for the SBA Paycheck Protection Program (PPP). Since receiving the approval, Credibly has facilitated over $500M in federally-backed COVID-19 stimulus funding to small and medium-sized businesses (SMBs) nationwide.
As part of the CARES Act, the Paycheck Protection Program was designed 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/or loan forgiveness on eligible expenses. The initial $349B was depleted in fewer than two weeks, but an additional $310B was added as many more businesses needed funding.
The second round of funding was released today at 10:30 am EST and Credibly has already facilitated over 10,000 PPP applications requesting more than $500M in relief funding.
“The program has been very well-received by our customers,” said Ryan Rosett, Founder and Co-CEO. “SMBs are far more sensitive to market shocks and natural disasters than large corporations and many of them missed out on the first round of funding. We are noticing a massive uptick in applications from individuals who were not serviced by their own bank. As a fintech small business lender, Credibly is uniquely positioned on the frontline of assisting small businesses.”
In the first round of funding many smaller businesses were rejected by their primary banks. This left many frustrated, but the SBA has implemented additional stipulations and approved several other nonbank lenders to ensure that smaller businesses and minority groups are properly supported.
Credibly’s average funding is currently $50K, which is approximately 20% of the national average funding size from round one. With the second round of PPP stimulus funds already underway, Credibly is doing everything it can to help the SMBs who need it most secure the funding they deserve.
Credibly was among a select few fintech companies that was approved as a non-bank lender. Among the other fintech lenders awarded this approval by the SBA are Intuit Inc. INTU, Square, Inc. SQ, and PayPal Holdings, Inc. PYPL. 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. To apply now, visit sba.credibly.com/apply-online/
Credibly is a data science-driven fintech lending platform that 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 over 27,000 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, New York, and Scottsdale, Arizona. For more information, please visit www.credibly.com.
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