BOSTON, April 21, 2020 /PRNewswire-PRWeb/ -- Quick Base, the leading cloud platform for continuous process innovation at enterprise scale, today announced that over 1,000 small business owners have used the company's Small Business Loan Accelerator since it was launched April 7 to help navigate the steps required to access relief through the CARES Act.
Built on the Quick Base platform, the Small Business Loan Accelerator is a free, publicly available online diagnostic tool that helps small businesses quickly evaluate their eligibility and generate applications to financial assistance programs offered by the Small Business Administration (SBA), such as the Paycheck Protection Program (PPP).
"There's still a lack of information and some confusion about what to do to get access -- it's hard to know where to start and the process of applying can take hours or even days," said Jay Jamison, chief product & technology officer at Quick Base. "Our loan accelerator is one way Quick Base is trying to help our customers and other businesses, by cutting out the guesswork required in the application process so small business owners have one less thing to worry about."
In less than two weeks, the SBA received more than 1.6 million initial loan applications for the PPP's $350 billion approved through the CARES Act. As Congress prepares to approve an additional round of funding, small business owners must be prepared to move quickly to get the relief they need to endure this crisis and ensure business continuity.
"At Quick Base and across our fellow Vista Equity Partners portfolio companies, we're seeing small businesses struggle to get the relief they need with only a fraction of SBA loans receiving approval," Jamison said. "What's more unfortunate is that business owners serving underrepresented communities are encountering nearly insurmountable obstacles accessing these limited funds, with fewer resources to navigate this complicated process. As part of our broader COVID-19 offering, we've received an immediate response from many nonprofits seeking help using Quick Base to create applications for coordinating local grants for small businesses. They anticipated the devastation coming to their communities and knew that funding via CARES would never be enough."
In addition to those who have used the Small Business Loan Accelerator to determine eligibility for SBA programs, close to 7,000 individuals have accessed Quick Base's COVID-related small business resources page. Plus, nearly 500 PPP applications have been generated through the tool, enabling small business owners to take the completed form and related documentation to the lender of their choice. Because the Accelerator is bank agnostic and supports non-bank lenders, small businesses can opt to work with the partner of their choice. Quick Base is also offering resources for individuals who do not have a preferred lender to explore non-bank options and other lender partners.
To learn more about the Small Business Loan Accelerator and other related resources, visit quickbase.com/smallbizhelp.
About Quick Base
Quick Base is the trusted platform for continuous process innovation at enterprise scale. As the first cloud application development platform to support safe, secure and sustainable citizen development, Quick Base helps more than 6,000 customers, including over 80 percent of the Fortune 50, continuously perfect the processes that make their businesses unique. Quick Base is a leader in the Forrester Wave™: Low-Code Platform For Business Developers. Visit QuickBase.com to learn more.
SOURCE Quick Base