LendingTree, "LendingTree Launches SBA Lending Marketplace for Regional and Community Banks" Apr 22, 2020; includes F...

Summary

LendingTree press release dated April 22, 2020, LendingTree Launches SBA Lending Marketplace for Regional and Community Banks. It states that LendingTree is launching a lending marketplace to connect small businesses with SBA-approved lenders and is encouraging regional and community banks to join its network. It cites a LendingTree survey in which just 5% of small business owners who applied for a PPP loan received funding, although 60% of those surveyed had applied. It states that LendingTree, through the LendingTree Foundation, has pledged to donate an amount equal to all net proceeds earned from participating PPP lenders through May 15, 2020 to COVID-19 relief funds, and it quotes Hunter Stunzi and Doug Lebda.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Press Release

LendingTree Launches SBA Lending Marketplace for Regional and Community Banks

Megan Greuling

704-943-8208

Published

April 22, 2020

CHARLOTTE, N.C., April 22, 2020 — LendingTree has announced that it is launching a lending marketplace to connect small businesses in need of financial assistance with SBA-approved lenders to help fulfil requests from small business owners quickly, and is encouraging regional and community banks across the country to join its network. Many small businesses across the U.S. struggled to gain access to financial assistance through the Paycheck Protection Program (PPP) before the initial funds were depleted. According to LendingTree’s recent survey of small business owners, just 5% of small business owners who applied for a PPP loan actually received funding, even though 60% of the small business owners surveyed had applied for funds. LendingTree, through the LendingTree Foundation, has pledged to donate an amount equal to all net proceeds earned from participating PPP lenders through May 15, 2020 to COVID-19 relief funds.

For over 20 years, LendingTree has been the trusted online marketplace for consumers and small businesses to compare financial products and connect with lenders. Today, LendingTree is seeking SBA approved lenders in all states ready, willing, and able to assist small businesses in need of financial assistance. LendingTree will match small businesses seeking capital on an exclusive basis, based on the lender’s availability, eligibility, and capacity requirements.

“Small businesses are the backbone of the American economy, and it’s more important than ever that we have their backs right now,” said Hunter Stunzi SVP of Small Business at LendingTree. “We realize that many small business owners without existing banking relationship haven’t been able to access the much-needed funds through the PPP. LendingTree is using our technology and infrastructure to connect small businesses across the country to lenders that are willing and able to help, and instead of pocketing a fee, we felt it only appropriate to pay it forward.”

“We applaud the government’s efforts to provide capital to small businesses in need, but there is still a lot of work left to do. LendingTree wants to help plug the gap between lenders who have capacity and small businesses who need funding,” added Doug Lebda, LendingTree Founder and CEO.

Lenders who would like more information on joining this marketplace or to sign up for the network, please visit https://www.lendingtree.com/forms/partners/PartnerWithUsSBA?800num=855-362-0535

File and source

File

lendingtree-launches-sba-lending-marketplace-for-regional-and-communit_5a632082e090dcf0.html

Size

73,505 bytes

SHA-256

4e82e83d14d3c54a4da91a5cbf09da2dacf442a070e7e5bd2b4f27365c202131

Our copy

lendingtree-launches-sba-lending-marketplace-for-regional-and-communit_5a632082e090dcf0.html

Original

press.lendingtree.com