Oxygen and Fundera Partner for Fast Distribution of Second-Round Paycheck Protection Program Loans
Digital Banking Leader and Small Business Lending Platform partner to Streamline PPP Loan Process
SAN FRANCISCO–(BUSINESS WIRE)–Digital banking leader Oxygen today announced that it has partnered with Fundera, the go-to financial marketplace for small and medium-sized businesses (SMBs) to compare multiple loans instantly, to streamline the application and distribution process for the latest round of Paycheck Protection Program (PPP) loans.
The Oxygen-Fundera partnership will bring much-needed assistance to the most at risk of America’s small businesses that have been financially impacted during the current global coronavirus pandemic. These include firms with fewer than 300 employees, and importantly now encompasses new stipulations for sole proprietors, independent contractors, as well as gig economy workers, who struggled to obtain loans in the first round of PPP as it was largely driven on payroll, which they do not have.
By being directly matched with a lender from Fundera’s online marketplace, Oxygen Business Deposit Account holders will be empowered to navigate the PPP loan process faster and will be matched with a lender who can help them best address their unique business situation and financial circumstances. Fundera has helped more than 85,000 SMBs secure more than $2.5 billion in funding since its launch in 2014.
Oxygen’s partnership with Fundera will help address the needs of those that were left out of the first round of PPP loans – many of whom gave up on the previous application process due to confusion and administrative red tape or didn’t apply at all thinking they would not qualify. As part of the overall $900 billion second-round relief package, some $284 billion in potentially forgivable loans has been earmarked for small business relief, with special consideration being given to minority businesses. Firms or individuals who can demonstrate a 25% or greater loss in income will likely qualify for second-round PPP loan amounts totaling 2.5 times their average monthly income from the previous year.
According to CEO Hussein Ahmed, Oxygen encourages small businesses who are hurting financially to start early, as the last day to apply for and receive a second-round PPP loan is March 31, 2021. “When the second stimulus bill was finally signed after months of inaction, we knew we had to move fast to help,” said Ahmed, adding “small businesses are the lifeblood of the economy and have had an enormously challenging year. Fundera was the ideal partner to get this up running quickly and best serve our customers. Together, we will deliver a financial lifeline to our customers.”
Streamlining the PPP relief process is an integral part of Oxygen’s hyper-focused mission to deliver financial products that enable entrepreneurs and SMBs to thrive by addressing their unique challenges and pain points, while making fintech a “source for good.”
“In just a short time, Oxygen’s small business banking solution has become known for its high degree of customer engagement and satisfaction,” said Greg Hockenbrocht, Head of Business Development at Fundera. “We are happy to be partnering with them to deliver much-needed relief to their small businesses and look forward to working together to ensure future success for their clients.”
More details about second-round PPP loans made through the Oxygen-Fundera partnership can be found here.
Oxygen is a modern financial platform designed for the 21st century economy – digital-natives looking for a banking partner that understands how they live and work, providing a seamless user experience for both personal and business accounts in a way that makes them feel in their element. Available on iOS and Android, Oxygen users enjoy no monthly fees, no paperwork, early direct deposit, simple transfers, and cashback rewards on everyday purchases from approved merchants. Businesses can easily control their finances with solutions that are elegant, simple and secure. Reject ordinary. Banking for the Extraordinary.
Banking services provided by The Bancorp Bank, Member FDIC. Based in San Francisco, Oxygen is backed by Runa Capital, Y Combinator and other leading fintech investors. Visit oxygen.us to learn more.
Fundera is the go-to financial resource for every small business—helping you face your challenges, achieve your financial goals, and grow businesses as big as your aspirations. Our mission is to give business owners the tools and advice they need to build great businesses—businesses that create more jobs, grow the economy, and keep alive the thriving, vibrant local communities we all call home.