Womply Partners With Benworth Capital To Help Underserved And Minority Businesses Access Paycheck Protection Program Through PPP Fast Lane
SAN FRANCISCO – (COMMERCIAL THREAD) – Womply, the local commerce platform that provides apps, APIs, marketing and financial tools to drive local commerce, today announced an integrated partnership with Capital Benworth, a mission-driven, minority-owned lender focusing on low- and middle-income minority borrowers. Benworth joins Womply’s Fast Lane PPP program, which enables smaller businesses to access vital Paycheck Protection Program (PPP) funding with as little friction as possible, while helping borrowers stay compliant and secure. minimizing program fraud.
PPP Fast Lane was designed to serve qualifying, underserved businesses (and workers) who have so far had difficulty accessing the Paycheck Protection Program. These eligible borrowers, which include micro-enterprises, pay-per-view workers, independent entrepreneurs, among others, are frequently found in low- and middle-income communities and in minority communities, making access to the program d ‘all the more important.
Womply’s data also shows that as businesses get smaller, they’re less likely to:
Know that they may be eligible for PPP
Know how to apply for PPP
Have a trusted advisor or banker who can help them understand the rules and apply
PPP Fast Lane is a simple web-based data collection process designed to simplify the PPP process by removing the friction that only applies to large businesses. PPP Fast Lane includes multiple layers of fraud prevention and identity verification, which is essential for serving large-scale PPP loans in accordance with government regulations. Borrowers do not need a registered business entity, business license, official place of business, professional bank account, accountant, lawyer or banker business to apply for a PPP. Immediately after completing PPP Fast Lane, applicants will be matched with their SBA approved lender.
During the first round of the PPP, minority-owned businesses were much more likely to wait to receive funds and less likely to receive them at all. The SBA has responded to these criticisms by working to improve access. This partnership aims to remove any additional barriers to the program faced by businesses and individuals in the Spanish speaking community. SBA Ayuda of Benworth Capital The program has long supported the Hispanic community, and Womply has released translations of PPP documents into multiple languages to help Spanish and non-English speaking communities access the PPP program. Womply also provides real-time multilingual assistance to applicants and is expected to launch a Spanish version of PPP Fast Lane soon.
“Benworth is dedicated to supporting underserved businesses and individuals and, as we fund PPP loans, we want to make sure we get borrowers the money they need as quickly as possible,” said Bernie Navarro, chairman of Benworth. “The traditional lending community has too often overlooked the businesses and individuals who need help the most. We are excited to partner with Womply to streamline the PPP application process, especially for our Spanish speaking clients. ”
“We deployed our data platform to create PPP Fast lane and help with eligibility, qualification, verification and fraud detection,” said Toby Scammell, CEO and co-founder of Womply. “We’re excited to put our technology to work for Benworth so that together we can help as many underserved small businesses as possible. ”
It’s free to apply for PPP with PPP Fast Lane and Benworth. There is no personal or business credit check. If in doubt, start your application on womply.com/ppp
Apply now to: womply.com/ppp
Learn more about PPP Fast Lane
Submit press inquiries to Justin Davies: [email protected]
Womply’s mission is to help local businesses thrive in a digital world. Founded in 2011, Womply is a local commerce platform that provides applications, APIs, marketing and financial tools to make local commerce a reality for more than 500,000 US businesses and their customers. All of Womply’s products and services are powered by the Womply Commerce Graph, a proprietary data asset that provides the most comprehensive view of local commerce. To learn more, visit www.womply.com or by e-mail to [email protected]
Benworth Capital Partners was formed in 2008 to provide loans to underserved businesses and individuals unable to obtain financing from banks, credit unions and other traditional lending sources. As an alternative lender, Benworth provides secured home loans and unsecured loans through his family of businesses. In April 2020, Benworth became one of the few non-bank lenders authorized by the SBA and the US Treasury Department to offer Paycheck Protection Program (PPP) loans. PPP loans are marketed through the websites SBABizHelp.com and SBBAyuda.com.