Womply Companions with Benworth Capital to Assist Beneath-Served and Minority Companies Entry Paycheck Safety Program via PPP Quick Lane
SAN FRANCISCO – (BUSINESS WIRE) – Womply, the native commerce platform that gives purposes, APIs, advertising and marketing and monetary instruments for doing native commerce, right this moment introduced an built-in partnership with Benworth Capital, a mission-driven, minority-owned lender that focuses on low- and middle-income minority debtors. Benworth joins Womply’s Quick Lane PPP program, which permits smaller companies to entry important Paycheck Safety Program (PPP) funding with as little friction as attainable, whereas serving to debtors keep compliant and safe. minimizing program fraud.
PPP Quick Lane was designed to serve eligible underserved companies (and staff) who’ve thus far had issue accessing the Paycheck Safety Program. These eligible debtors, which embrace microenterprises, on-demand staff, unbiased contractors, amongst others, are regularly present in low- and middle-income communities and in minority communities, making entry to this system equally so. most vital.
Womply’s information additionally reveals that as companies get smaller, they’re much less prone to:
Know that they might be eligible for PPP
Know the way to apply for PPP
Have a trusted advisor or banker who may also help them perceive the foundations and apply them
PPP Quick Lane is an easy web-based information assortment course of designed to simplify the PPP course of by eradicating the friction that solely applies to massive companies. PPP Quick Lane contains a number of layers of fraud prevention and identification verification, which is crucial for serving large-scale PPP loans in accordance with authorities rules. Debtors don’t want a registered enterprise entity, enterprise license, official institution, skilled checking account, accountant, lawyer or business banker to use a PPP. Instantly after finishing PPP Quick Lane, candidates will likely be matched with their SBA authorised lender.
Throughout the first spherical of the PPP, minority-owned companies have been more likely to attend to obtain funds, and fewer prone to obtain them in any respect. The SBA has responded to those criticisms by working to enhance entry. This partnership goals to take away any extra obstacles to this system confronted by companies and people within the Spanish talking neighborhood. SBA Ayuda of Benworth Capital This system has lengthy supported the Hispanic neighborhood and Womply has printed translations of PPP paperwork in a number of languages to assist Spanish and different non-English talking communities entry the PPP program. Womply additionally offers real-time multilingual assist for candidates and is anticipated to launch a Spanish model of PPP Quick Lane quickly.
“Benworth is devoted to supporting underserved companies and people and, as we fund PPP loans, we wish to ensure we get debtors the cash they want as shortly as attainable,” mentioned Bernie Navarro, chairman of Benworth. “The standard lending neighborhood has too typically neglected the companies and people who need assistance essentially the most. We’re excited to associate with Womply to streamline the PPP utility course of, particularly for our Spanish talking purchasers. ”
“We deployed our information platform to create PPP Quick lane and assist with eligibility, qualification, verification and fraud detection,” mentioned Womply CEO and Co-Founder Toby Scammell . “We’re excited to place our expertise to work for Benworth in order that collectively we may also help as many underserved small companies as attainable.”
It’s free to use for PPP with PPP Quick Lane and Benworth. There isn’t a credit score test for the person or the enterprise. If unsure, launch your utility at womply.com/ppp
Apply now to: womply.com/ppp
Be taught extra about PPP Quick Lane
Ship press inquiries to Justin Davies: [email protected]
Womply’s mission is to assist native companies thrive in a digital world. Based in 2011, Womply is an area commerce platform that gives purposes, APIs, advertising and marketing and monetary instruments to make native commerce a actuality for greater than 500,000 US companies and their clients. All of Womply’s services are powered by the Womply Commerce Graph, a proprietary information asset that gives essentially the most complete view of native commerce. To be taught extra, go to www.womply.com or ship an e-mail to [email protected]
Benworth Capital Companions was fashioned in 2008 to offer loans to underserved companies and people unable to acquire financing from banks, credit score unions and different conventional lending sources. In its place lender, Benworth offers secured residence loans and unsecured loans via his household of firms. In April 2020, Benworth turned one of many few non-bank lenders licensed by the SBA and the US Division of the Treasury to supply Paycheck Safety Program (PPP) loans. PPP loans are marketed via the web sites SBABizHelp.com and SBBAyuda.com.