Divvy Launches All-Digital PPP Loan Applications With Cross River Bank
Summary
A Fintech News Desk article dated April 10, 2020 reporting that Divvy, a spend and expense management company, announced the immediate availability of a 100%-digital application for SBA-backed Paycheck Protection Program (PPP) loans through its partnership with Cross River Bank (CRB). The article quotes Sterling Snow, Senior Vice President of Revenue at Divvy, as saying customers take applications from start to finish in 15 minutes, and states that Divvy processed over $800 million of loan requests in the first five hours of accepting applications. Snow is also quoted calling Cross River Bank an incredible partner able to process loans quickly under a first come, first serve program.
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Banking Fintech News Divvy Launches All-Digital Payment Protection Program Loan Applications With Cross River Bank by Fintech News Desk April 10, 2020 0 Divvy , the leader in spend and expense management, announced the immediate availability of its 100%-digital application for SBA-backed Paycheck Protection Program (PPP) loans, through its partnership with Cross River Bank (CRB). Read More: Kreditech Rebrands to Monedo as It Steps Up Growth in International Lending Markets “This is the fastest, easiest solution for PPP applications available , because it all takes place online,” said Sterling Snow , Senior Vice President of Revenue at Divvy. “We’re seeing customers take their applications from start to finish in 15 minutes.” Divvy partnered with Cross River Bank due to CRB’s tech-first approach—many other banks have been processing applications on paper. In the first five hours of accepting applications, Divvy processed over $800 million of loan requests. For small businesses struggling to keep the lights on or retain employees during the COVID-19 crisis, speed to funding is the top priority. Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits “Cross River Bank has been an incredible partner,” said Snow. “Since the PPP program is first come, first serve, we knew we’d need a banking partner who could process lots of loans quickly, without applications getting stuck. And CRB has done just that.” Read More: Invoia Re-Brands, Focuses on Small Businesses With Recurring Revenue previous post RIA in a Box Announces New Form CRS Tool as Part of MyRIACompliance next post PPS Powers koto – The First E-money Account to Provide Credit Fintech News Desk Fintech News Desk is a trained group of web journalists and reporters who collect news from all over the financial technology landscape. The financial services innovations include latest and advanced developments related to Digital banking, wallets, AI, ML, IT, Cloud Security, Privacy and Security, Cyber threat intelligence, Space, Big data and Analytics, Blockchain, and Crypto. To connect, please write to Fintech market analyst at sghosh@martechseries.com.
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