Funding Circle, which the SBA approved as a lender shortly before the initial PPP funds ran out, has yet to process a loan.

OnDeck CEO Noah Breslow said on […] Fintechs Working With Partner Banks for PPP Loans The following companies do not process SBA loans themselves.

\"Based on our experience,\" he says, \"fintech companies have been able to turn around applications relatively quickly and efficiently without too many complications.\" His firm works with around 300 small and midsize businesses. On February 10, 2020, the Board authorized the company to repurchase up to an additional $50 million of common shares, and the company has approximately $23 million of remaining capacity under that authorization. OnDeck, BlueVine are latest fintechs to provide PPP loans ... Share As digital lenders finally make their move into Paycheck Protection Program loans, fintechs OnDeck and BlueVine partnered with banks this week to begin processing loans through the Small Business Administration’s stimulus program. The company has instituted a 15% pay reduction for its full-time employees, a 60% pay reduction for part-time […] OnDeck is probably the more recognizable name, but LoanBuilder was recently acquired by PayPal, which is arguably one of the most recognizable names there is. OnDeck has suspended the funding of its Core loans and lines of credit to new or existing customers (unless the loan agreement has already been executed). While OnDeck is approved to operate as a PPP lender themselves, they have been acting as an agent of them in the interim and will dedicated their resources almost entirely to this endeavor. He notes that some of his clients who received loan approvals through traditional banks have yet to receive funds, while those that have applied through fintech companies, such as PayPal and Kabbage, have received funding within a week.\"Our technology allows us to verify high volumes of applications through automation,\" says Kathryn Petralia, president and co-founder of Kabbage. The company did not comment on its average wait time or how many loans it's processed. "Folks that have come to Funding Circle have never been to us before," says Ryan Metcalf, head of U.S. regulatory affairs and social impact at Funding Circle, itself a fintech. "A majority of our borrowers have told us that they were turned away from their primary depository institution."

His firm works with around 300 small and midsize businesses.

The company has not tripped any covenants or triggers with its own lenders as of yet but is currently in discussions with them on a path forward in this environment.The company fully utilized its initial $50 million share repurchase authorization in the first quarter of 2020.

But the company has \"thousands\" in its queue, according to Metcalf. Alexander Tiktin, a bankruptcy, restructuring, and creditors rights attorney at Davidoff Hutcher & Citron, says that he's started advising clients to look to fintechs for funding. OnDeck shared yesterday that they are now able to serve small businesses who are seeking capital under the Paycheck Protection Program or PPP; according to the press release OnDeck will be processing and servicing loans on behalf of Celtic Bank, a Utah-Chartered Industrial bank; Celtic bank is among the top ten SBA lenders in the US; OnDeck has also applied to become a direct lender under the PPP. The company has instituted a 15% pay reduction for its full-time employees, a 60% pay reduction for part-time employees, and furloughed additional employees that will receive benefits but no salary.

Both lending services are easy to apply for and have relatively lax borrower requirements, making these loans accessible to newer businesses and businesses with poor credit. OnDeck has applied to become a lender for the Paycheck Protection Program (PPP), according to a post the company made on social media. The share price dropped by nearly 19% after earnings were released on Thursday morning.The company has also suspended its pursuit of a bank charter. "Based on our experience," he says, "fintech companies have been able to turn around applications relatively quickly and efficiently without too many complications." The company suspended share repurchases late February but maintains authorization to resume purchases at its sole discretion.This story will be updated as the information becomes available.The company’s stock had a somewhat minor rally on Wednesday, closing at $1.61. "Our technology allows us to verify high volumes of applications through automation," says Kathryn Petralia, president and co-founder of Kabbage. The company did not comment on its average wait time or how many loans it's processed. Alexander Tiktin, a bankruptcy, restructuring, and creditors rights attorney at Davidoff Hutcher & Citron, says that he's started advising clients to look to fintechs for funding. OnDeck CEO Noah Breslow and members of the Board took a 30% pay reduction.The company said that PPP funding has not really reached real small businesses like the ones they serve and as such only a handful of their customers have received PPP funds. The company anticipates that originations of its own products could contract by 80% or more in Q2.

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