PHILADELPHIA, Jan. 12, 2021 /PRNewswire-PRWeb/ -- Liberty SBF, a national finance company specializing in serving the small business economy, has rolled out a new online portal – http://www.sbapaycheck.com – to streamline the loan forgiveness process for its current borrowers. The updated website portal enables borrowers to efficiently process PPP loan applications for the next round of small business stimulus funding starting January 11, 2021.
Congress has allocated an additional $285 billion to the Small Business Administration's (SBA) Paycheck Protection Program (PPP) to continue providing urgently needed short-term capital to America's essential small business owners. Liberty SBF, a non-bank lender whose mission is to provide capital at a low cost to SMBs and small business owners, facilitated over 3,200 loans in the sum of more than $350 million in the last round of PPP lending in 2020. Since then, the company has invested extensively in its PPP technology and built a secure, customized portal to process loan forgiveness for those customers more easily. Additionally, Liberty SBF has relaunched SBAPAYCHECK.com, a leading source of news and information about PPP, and a web application for small business borrowers to apply for PPP relief funding.
Liberty SBF expects to process thousands of applications a day at no cost to borrowers to ensure SMBs are ready to close without delay as soon as the new PPP loan program is ready to fund, including sole proprietorships, non-profits, co-ops, hotels and restaurants. The company will also support the most underbanked and underserved communities such as minority and women-owned businesses as well as organizations located in underserved geographies and communities.
"We're hearing from small business owners, brokers and bankers who are all understandably anxious while waiting for the new round of funding," said Alexander Cohen, Chief Executive Officer of Liberty SBF. "The Covid-19 pandemic continues to stifle the wider economy and small business owners desperately need this capital to maintain payroll, protect their future and their employees' jobs in 2021."
Unlike many larger commercial financial institutions, Liberty SBF is supporting eligible and qualifying small businesses in the U.S. with its offering, PPP+ Expertise and Service, with no requirement to be a previous or current customer of the company. As a non-bank lender without depository relationships, Liberty SBF does not have existing retail customers and has invited applications from any small business owner who needs capital to maintain payroll.
"Our tech-enabled application system will allow Liberty SBF to process a multitude of loans at an even quicker pace than the first round for small business owners to once again take full advantage of this program," added Mr. Cohen. "Our team is focused on PPP+ and has ramped up our back-office support and production capability to process as many applications as needed and service all our customers as quickly as possible."
Liberty SBF has a national reputation of helping small business owners navigate financial challenges and maximize the benefits of SBA loan programs. The company has originated more than $450 million in loans and has participated in over $2 billion in transactions involving SBA programs, acting as a loan originator, bond buyer, pool servicer, and securitizing agent.
"Helping small business owners gain access to the PPP is a natural extension of our core business and truly part of our core values," commented Mr. Cohen. "Liberty SBF's purpose is to serve small businesses, and we have a decade-long track record of delivering financing solutions to small business owners through federally supported opportunities such as the SBA 504 program."
"Our mission is to provide affordable financing to main street businesses, and leverage our expertise working with the SBA on behalf of small business owners throughout the country," said Mr. Cohen.
Liberty SBF works directly with SMB customers seeking SBA financing. In addition, Liberty SBF is a trusted referral resource for community banks and credit unions that do not have the infrastructure or SBA lending expertise to provide their small business customers with the timely and necessary funding to grow their organizations.
Small businesses owners can visit http://www.sbapaycheck.com to start their PPP+ application.
About Liberty SBF
Liberty SBF is a mission-based lender that provides capital through the Small Business Administration (SBA) loan programs at a low cost to borrowers. Since its inception ten years ago, the company has participated in more than $2 billion in transactions involving SBA programs.
Media Contact
Lon Cohen, Liberty SBF, (631) 294-5542, [email protected]
Trish DaCosta, KCD PR, 619-955-7759, [email protected]
SOURCE Liberty SBF
Share this article