GlobeNewswire, "Veem Launches Automated, Self-Service SBA Payroll Protection Program Loan Application"
Summary
A GlobeNewswire release from San Francisco dated April 13, 2020 announces that Veem, a global payment network for small-to-midsize businesses, made its online application for the SBA's Paycheck Protection Program widely available; the release's opening sentence calls it the 'SBA Purchase Protection Program (PPP)'. CEO Marwan Forzley says demand created a bottleneck at traditional lenders and an opening for the financial technology industry to cut application time. Veem says that in the first hour, working with bank partners, it helped several hundred customers submit applications, rising to more than a thousand over the holiday weekend. Veem says its team supports applicants free of charge and that the offer is open to any small business, not only existing customers. The release says Veem is trusted by more than 185,000 businesses and makes payments to over 110 countries.
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Veem Launches Automated, Self-Service SBA Payroll Protection Program Loan Application San Francisco, California, April 13, 2020 (GLOBE NEWSWIRE) -- Veem , the global payment network for small-to-midsize businesses, announced today the wide availability of its online application to the SBA Purchase Protection Program (PPP). The program gives remote access to PPP available to millions of businesses affected by COVID-19. “Never in history has a relief program of this magnitude been launched in such a short time,” said Marwan Forzley, CEO of Veem. “The demand for this vital assistance has created a huge bottleneck through traditional lenders, and most banks were not prepared to take applications at this scale. This created an opportunity for the financial technology industry to step up and help by cutting down application time, and providing customer assistance around the clock.” Veem’s technology, processes and human capital was rapidly adaptable to deliver loan application service at scale. In the first hour of making the service available, working with tech-savvy bank partners, Veem helped several hundred customers submit applications, which increased to more than a thousand customers over the holiday weekend. “While our traditional bank was not providing any way to apply for the Paycheck Protection Program, Veem’s process was seamless and fast,” said Yves Lermusi, CEO of Checkster. “To us, this highlighted a clear distinction between a digital first fintech-company and an old, unadaptable institution.” Forzley added, “In this unprecedented crisis, it’s important for all of us to help however we can. We’re offering this service to simplify access to PPP through our 100% online network, to get money in people’s hands faster — not only for our existing customers, but to any small business that needs help.” Veem is dedicating its customer service team of financial professionals to the task of supporting small business owners through the process of applying for the PPP loans, free of charge. For more information, or to apply for the PPP loan, visit https://www.veem.com/sba-ppp/ About Veem Veem is the global payments network built for business. Trusted by more than 185,000 businesses around the world, Veem provides simple, secure, and trackable payments to over 110 countries. Our mission is to help businesses build and strengthen their relationships with suppliers and partners all over the world. Through seamless integrations with popular business applications, Veem provides a revolutionary payment experience. Shannon Murphy Veem 613-808-5939 shannon.murphy@veem.com Shane Russell 5WPR 646-705-2676 srussell@5wpr.com
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