Womply 2021 PPP Minority Deck 2021 05

Summary

A deck by Womply titled The Impact of PPP on Minority Owned Businesses, dated May 17, 2021. The deck states that PPP worked for 2.5m+ minority-owned businesses in 2021 and that minority access rose from 23% of loans to 56% of loans in four months, citing SBA FOIA Data and US Census. It states that Womply facilitated 27% of all minority loans in 2021 and notes that Womply is not a lender but sourced loans for other SBA-approved lenders. The deck also states that Womply alone has 1.2m eligible minority businesses that have been denied PPP due to lack of funding, and that Womply has $22.4 billion in loan requests from 1.6 million applications with an average loan size of $14k. The deck adds that PPP has received more than $800 billion to date.

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Full text

The Impact of PPP
on Minority Owned
Businesses
May 17, 2021
                                           PPP has worked for 2.5m+ minority-owned
                                           businesses in 2021

Summary                                    Minority businesses got delayed access; therefore
                                           they have been hardest hit by issues at the end of
                                           the program


                                           Womply was the driving force behind minority
                                           access; facilitating the most minority loans of any
                                           company
minority-owned       minority businesses
businesses in 2021   were denied access
                                           Our work isn’t done: 1.2m+ minority businesses
                                           were denied access due to rule changes and
                                           funding shortfalls
of PPP loans approved in
2021 went to minority
owned businesses




Sources: SBA FOIA Data and US Census
PPP loans went to Black
or Hispanic-owned
businesses in 2021




Sources: SBA FOIA Data and US Census
     Minority access doubled in four months
                                       (from 23% of loans to 56% of loans)




Sources: SBA FOIA Data and US Census
 Womply was the driving force behind minority business
access to PPP; facilitating 27% of all minority loans in ‘21




Sources: SBA FOIA Data and US Census
       Out of more than 5,000 lenders and tech companies,
        Womply facilitated the most minority PPP loans...




Sources: SBA FOIA Data, US Census, & Womply approved loans data. Womply is not a lender but we sourced these loans for other SBA-approved lenders.
...and more loans for businesses in low-and-middle income
              areas, than any other company




 Sources: SBA FOIA Data, US Census, & Womply approved loans data. Womply is not a lender but we sourced these loans for other SBA-approved lenders.
Our work isn’t done: Womply alone has 1.2m eligible minority
businesses that have been denied PPP due to lack of funding




 Sources: US Census & Womply approved loans data. Womply is not a lender but we sourced these loans for other SBA-approved lenders.
Denied minority businesses are in nearly every county in America




 Sources: US Census & Womply approved loans data. Womply is not a lender but we sourced these loans for other SBA-approved lenders.
For every one minority business Womply helped, we have two
                more that have been denied




 Sources: US Census & Womply approved loans data. Womply is not a lender but we sourced these loans for other SBA-approved lenders.
Small, minority-owned     Unlikely to get Restaurant Fund (RRF) or Shuttered
                          Venues (SVOG) because of their industries
businesses are unlikely
to access other           Unlikely to have received EIDL loans


pandemic business         96% of Black-owned businesses have no
                          employees, so they are unlikely to get ERTC and
assistance                EIDL advance access would have been limited
                       Womply has $22.4 billion in loan requests from
                       1.6 million applications. Average loan size: $14k


                       We estimate we have received about 45% of the

needed to fund all     unfunded application volume (based on recent
                       SBA data)
eligible businesses
(including the 1.2m    PPP has received more than $800 billion to date; a
                       ~5% increase in dollars would give ~20% more
minority businesses)   businesses and ~50% more minority businesses
                       access to the program


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