We were intrigued by this announcement from vCita and Lendio, two companies focused on SMBs. It’s great that they are working together to help small business owners access the second round of PPP loans and payments. We note that Womply, another company with a laser focus on SMBs, is also working to help small business owners access PPP money.
The U.S. government has approved a second round of the Paycheck Protection Program (PPP) to help SMBs survive the pandemic. Through March 31, 2021, $284 billion in PPP funds will be made available. Lendio and vCita and are teaming up to help business owners complete their loan applications and receive expert advice.
vCita Adds an Education Layer
According to the announcement, Lendio will provide the digital application services and connection to the money. And vCita will provide educational content to help SMBs understand how to access the funds.
Additionally, vCita will point to its SaaS solutions as a way for business owners to maintain cash flow and streamline bookkeeping and accounting processes. In the first wave of PPP, Lendio claims to have helped more than 100,000 small businesses access much-needed capital.
vCita’s partnership with Lendio is one of a number of efforts by the company to partner with important players in the small business fintech space. The company recently launched its “Pay by Mobile” feature. The company previously teamed up with Square to support online payment processing. And last year it launched the “Business Unusual” portal together with Mastercard. Lendio is a leading small business loan marketplace and has facilitated more than 200,000 small business loans for $10 billion in total funding. This includes $8 billion in PPP loan approvals as part of government COVID-19 relief.
There’s another element of this story that piqued our interest. At Thryv’s Connect20 (virtual) event, Lendio’s CEO Brock Blake was one of the keynote speakers. And we’ve been aware for some time now that vCita is a key contributor to Thryv’s Hub SaaS solution. While this partnership may have come out of a mutual affinity for the health and success of small businesses, it too may have come via some high-level introductions at Thryv. Whatever it was, we are eager to see small businesses get smart access to PPP loans. This will help lift all boats in the local arena.