Fintechs Hope for Long Term Relationship with SBA

Fintech lenders are hoping their participation in the Paycheck Protection Program will lead to working with the Small Business Administration long term; many fintech lenders were left out of the PPP when the program first started and even after gaining approval they were unable to funnel funds in a large way; the SBA has a number of lending programs that fintech lenders are looking forward to participating in after the crisis subsides; the 7(a) program in particular will be a key loan which fintech lenders want to be able to originate; “In addition to expanding our abilities to offer small-business loans, we look forward to bringing other key banking tools to underserved small businesses,” Jackie Reses, Head of Square Capital, said to American Banker. American Banker