SOUTHFIELD—Credibly, a small business fintech provider and lender, announced its designation as an Approved Lender for the SBA Paycheck Protection Program (PPP).
As an SBA Approved Lender for the PPP program, Credibly will use its online application and servicing capabilities to help small businesses receive streamlined access to federally-backed COVID-19 stimulus funding.
As part of the CARES Act, the Paycheck Protection Program was established by Congress and is being implemented by the U.S. Treasury Department and the SBA 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 loan forgiveness on eligible expenses.
Said Ryan Rosett, Credibly founder and Co-CEO. “Most small businesses only have about 8 weeks of cash reserves on hand and the COVID-19 pandemic has been disrupting business ecosystems for months. The ability to offer SMBs access to the capital support they need at this time is critical.”
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. With the second round of PPP stimulus funds being released in just a few days, Credibly is doing everything it can to ensure its small business customers receive funding they deserve.
Founded in 2010, Credibly provides balance sheet, syndication, and off-balance sheet funding options, while offering its partners access to its robust data science capabilities. Since its founding, Credibly has sustained rapid growth and provided over $1 billion in financing to SMBs, while maintaining a strong emphasis on risk management and a culture of compliance. 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, with offices in New York, Arizona, Ukraine, and India. For more information, visit www.credibly.com.