As many businesses struggle to apply for and receive much-needed funds through the Small Business Administration’s Paycheck Protection Program, companies like SPI Tech have stepped in to fill a troublesome gap left by many big banks, who often present customers (particularly small to mid-sized businesses) with a complicated, lengthy application process that may create delays in receiving funds, if they receive them at all.
And, considering the final deadline to apply for a PPP loan is June 30, 2020, the clock is ticking for businesses to apply for and receive these often life-saving business funds.
Businesses who seek PPP loans to stay afloat during the economic turmoil caused by the COVID-19 pandemic now have a better pathway to receiving PPP funds as private enterprises like SPI Tech forge partnerships with Financial Technology companies (fintechs) to bypass traditional banking institutions and offer customers easier, faster access to financial services like PPP loan applications.
As a recent New York Times article put it, “One thing the pandemic has revealed is that fintechs, largely online financial service companies once reserved for younger people with lower earnings and savings, have proven to be savvy and effective intermediaries in the age of the coronavirus.”
By turning to fintechs and other financial startups instead of traditional financial institutions, companies also benefit from a more technologically advanced, 21st-century interface and updated banking practices that can help to move the application process along more quickly.
“When it came to offering the crucial financial support small business owners were seeking in the pandemic, some of these fintechs held their own or bested more established financial service firms that struggled to roll out promised programs. Through their technology, these companies can meet their clients’ financial needs online — the 21st century equivalent of the relationships brick and mortar banks once promoted,” said the NYT.
SPI Tech, a premier reseller of technology services and remote work enablement, is now leading the way when it comes to offering businesses pursuing PPP funds an alternative to traditional financial institutions. By partnering with Veem, a global payments platform, SPI Tech is able to offer businesses across all industries one-on-one assistance with the PPP application process, removing any roadblocks in the application process and providing easier access to PPP funds before the program expires.
“Since the Paycheck Protection Program was launched, we have seen so many of our customers struggle with a flawed, overly-complex application process that may or may not lead to funding. These kinds of barriers can have devastating effects on small or medium businesses” said SPI Tech’s David Criswell.
SPI Tech’s Director of Sales and Training, Jeffrey Valentine, explains why SPI made the pivot to offer PPP loan assistance: “For us, it was pretty simple. We saw a real need for help in the market, and we knew that our team, as well as our partners at Veem, had the skills and resources to meet this need quickly and effectively. That’s why we decided early on in the pandemic to expand our service offerings beyond tech sales and also help our clients gain easy access to the funds they need to weather this historic economic storm.”
And, considering the deadline to apply for a PPP loan is right around the corner, having quicker, easier access to the application and funding is crucial for businesses looking to take advantage of these funds before they are no longer available.