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Official updates from vcita

SMBs Receive Help with PPP Loans and Payments Thanks to New Lendio-vcita Partnership

Lendio, the leading finance marketplace for small businesses, and vcita, the business management platform for small business owners, announced a strategic partnership today. This move brings together two of the country’s leading providers of financial and management services for SMBs, with the goal of expanding support for small business owners.

The announcement comes just as the government has approved a new round of Paycheck Protection Program (PPP) loans to help small businesses weather the storm of COVID-19. Continuing until March 31, small businesses can apply for a slice of the $284 billion available to fund job retention and other expenses.

Lendio and vcita have set the gears in motion to connect SMBs with a PPP loan, inviting SMB owners to complete their applications and receive expert guidance.

Working together, the two platforms encourage SMB owners to claim their share of much-needed capital, guiding them through each step of the process.

While Lendio provides the digital application services and connections to capital, vcita delivers important education about the process, helping ensure that as many SMBs as possible know how to go about receiving PPP funding through Lendio. In addition, maintaining healthy cash flow, with integrated invoice bookkeeping powered by vcita, makes the entire process easier for SMBs.

The PPP loan application process can be confusing, and the demand for these relief funds is high, so the two firms are dedicating resources to assist SMBs through the process.

Many SMBs missed out on the first round of PPP financing last April, largely because of an uncertainty about how to apply, because their banks were too slow, or because they were unable to get their books in order in time.

Lendio brings years of expertise in supporting SMBs to gain access to the funding they need. During the first round of PPP loans, Lendio helped over 100,000 small business owners receive the funds they deserved.

vcita’s partnership with Lendio is only the latest in a series of fintech innovations released by the platform since the pandemic began, all of them aimed at helping SMBs manage digital transformation and pivot to operating wholly or partially online.

The recently-unveiled “Pay by Mobile” feature enables SMBs to collect payment from their customers through a secure mobile link, helping them to meet consumer demands for safe, contact-free payment options. Previously, vcita teamed up with Square to support smoother online payment processing; launched the “Business Unusual” portal together with MasterCard; revealed a new “Packages” feature that enables small business owners to bundle services for better sales; and joined the SME Finance Forum, a global consortium which works to improve SMB access to funding.

“Lendio is thrilled to be partnering with vcita to help its small business customers access this much-needed capital,” said Brock Blake, CEO and co-founder of Lendio. Businesses in the service industry have been affected disproportionately by pandemic-related restrictions, and unfortunately, these businesses continue to suffer. Between Lendio’s cutting-edge technology and our dedicated team of experts, we are well-equipped and energized to help as many businesses as possible through the application process.”

“We are hopeful,” Blake said, “that through partnerships with CDFIs and other lenders as well as companies like vcita, we can further our mission to democratize access to capital for small businesses.”

“We believe that SMBs are the backbone of the economy and that it’s vital to keep them alive,” added vcita CEO Itzik Levy. “We’re proud of the work we’ve put in to provide new fintech tools and support that help small businesses pivot online and improve their digital offering, and we see opening up access to more funds as an integral part of the same mission.”

About Lendio

Lendio is the nation’s leading small business loan marketplace. With its diverse network of lenders, Lendio enables small business owners to apply for multiple loan products with a single application. To date, Lendio has facilitated over 200,000 small business loans for $10 billion in total funding, including $8 billion in PPP loan approvals as part of government COVID-19 relief. Lendio is a values-driven organization striving to provide equal access to capital to underserved communities and America’s smallest businesses. For every new marketplace loan Lendio facilitates, Lendio Gives-an employee-contribution and employer-matching fund-provides a microloan to a low-income entrepreneur around the world.

About vcita

vcita helps SMBs and entrepreneurs build and manage a business they are proud of and remain competitive in the digital economy, with a business management platform that covers day-to-day needs. vcita’s cloud-based solutions help solopreneurs and small teams manage their entire business, turning time-consuming tasks like scheduling, payment collection and marketing campaigns into simple, one-click operations, from one app.

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