Fountainhead, a nationwide nonbank lender for small-to-midsized businesses today announces a partnership with Womply, a data intelligence and commerce platform, to streamline Paycheck Protection Program (PPP) loans for underserved microbusinesses.
Fountainhead and Womply are collaborating to support overlooked small businesses by getting approved borrowers’ faster access to the $35 billion of first draw PPP loans set aside by the Small Business Administration (SBA) in this latest round of funding. The two partners recognized how to simplify and automate the loan process for microbusinesses with the end goal of delivering funds properly at a much faster speed. This partnership will provide self-employed business owners (independent contractors and sole proprietors) the opportunity to apply for a PPP loan quickly and correctly. Self-employed borrowers can apply for first draw PPP loans under $21K with SBA-approved lender Fountainhead at: FountainheadCC.com/PPP3.
This new platform was designed to be a clean and simple user interface with most applications taking no longer than five minutes to submit. To start an application, borrowers will only need to upload their 2019 personal tax return inclusive of their Schedule C or Schedule F, connect their bank account, and answer eligibility questions from SBA. Throughout the application process, many anti-fraud measures are in place to verify potential borrowers’ information including tax filing verification, bank identity comparison and account identity verification, IP address filtering, email and phone verification, and so forth.
“Fountainhead’s mission is to support small businesses and as we continue to fund PPP loans, we look for ways to effectively streamline the process and improve our technology in order to get borrowers the money they need as quickly as possible,” said Chris Hurn, CEO of Fountainhead. “There are up to 41 million non-employer businesses that could qualify for PPP, but the traditional lending community has largely neglected these enterprises. Our latest venture with Womply will put these microbusinesses in the fast lane for PPP loan approvals and funding.”
Focusing on helping small-to-midsized businesses, Fountainhead has processed more than 10,000 PPP loans and was named to the U.S.’s top 100 list of most active SBA lenders. Womply provides solutions for over 500,000 small businesses through its apps and marketing and finance tools.
“We’re focused on distributing funds to those who need it most and after seeing the work Fountainhead did in the first round of PPP, we knew we wanted to partner with a lender that was both experienced and trustworthy,” said Toby Scammell, CEO of Womply. “Together we’ll be able to target a very niche sector of the U.S. economy and help these microbusinesses get back on their feet.”