Trying to do something about this became a huge effort for us – taking us all the way to Capitol Hill, the SBA – and really to anyone who would listen to the alarm bell we were sounding. Last year, right around this time of year, we noticed that something very worrying was happening with small firms – and more especially very small firms – and we started to get concerned. Our firm generates a massive amount of data on small business, something we hadn’t surfaced. Our focus has always been small business, but we had historically focused on employer-based firms. How did Womply Get into the Paycheck Protection Program (PPP) Space with a product to serve the solo self employed? Over the past ten years, we’ve served more than 500,000 customers.
#WOMPLY PPP FASTLANE SERIES#
We are dedicated to expanding our programs to reach new applicants who can put PPP money to work rebuilding America.Womply is a small business focused technology platform providing a series of marketing and financial solutions to support small business owners. “We’re pleased to see Congress, the White House, the SBA, and innovative lending partners such as DreamSpring working to help these deserving small businesses. “In this round of PPP funding we’ve deployed our data platform to build PPP Fast lane and help the smallest businesses with eligibility, qualification, verification, fraud detection, and streamlining applications,” said Womply CEO and co-founder, Toby Scammell. We are grateful to partners like Womply who are helping us ensure our clients are on a Fast Lane to PPP funding and to driving economic recovery.” They are entrepreneurs of color creating assets and jobs, residents of rural communities keeping their Main Street alive, immigrants pursuing a cherished dream of being in business, and so many more. “Our clients are real people whose businesses shape neighborhoods and communities. “DreamSpring is dedicated to accelerating access to much-needed capital for small business owners and to amplifying economic inclusion in everything we do,” said DreamSpring Chief Impact Officer Marisa Barrera. Read More: Personas Launches Paysonas Merchant and Crypto Payment Services Immediately after completing PPP Fast Lane, applicants will be matched with their SBA approved lender. Borrowers don’t need a registered business entity, business license, official place of business, business bank account, accountant, lawyer, or business banker to apply for PPP. PPP Fast Lane includes multiple layers of fraud prevention and identity verification, which is essential to serving PPP loans at scale in accordance with government rules. PPP Fast Lane is a simple, web-based data collection process aiming to simplify the PPP process by removing friction that only applies to larger businesses.
Have a trusted advisor or banker who can help them understand the rules and apply.Womply data also shows that as businesses get smaller they are less likely to: Read More: Over 3,500 New Cryptocurrencies Emerged in the Last 12 Months Amid Bullish 2020 These eligible borrowers, which include micro businesses, gig-workers, independent contractors, among others, are frequently found in low-and-middle income and minority communities, making program access all the more important. PPP Fast Lane was built to service under-served eligible businesses (and workers) that have so far had difficulty accessing the Paycheck Protection Program. “DreamSpring is dedicated to accelerating access to much-needed capital for small business owners and to amplifying economic inclusion in everything we do” DreamSpring joins Womply’s PPP Fast Lane program, which enables the smallest businesses to access vital Paycheck Protection Program (PPP) funding with as little friction as possible, while helping borrowers remain compliant and minimizing program fraud. Womply, the local commerce platform that provides apps, APIs, marketing, and financial tools to more than 500,000 small businesses, announced an integrated partnership with DreamSpring, a nonprofit lender serving entrepreneurs and small businesses.
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