Coleman Movers & Shakers — Lendio, American Bank of Commerce, U.S. Banks Raise Money to Fight Pandemic
April 2, 2020
By Caity Witucki
Contributing Editor, Coleman Movers & Shakers
Coleman Movers & Shakers — Lendio, American Bank of Commerce, U.S. Banks Raise Money to Fight Pandemic
Lendio to Hire 200 Agents to Match Small Businesses With CARES Act Loans
Lendio, a small business loan marketplace, recently announced its plans to hire up to 200 full-time small business loan agents.
In recent weeks, Lendio has seen a 60% increase in average daily loan demand due to the coronavirus pandemic and its devastating effects on small businesses. With the recent passing of the CARES Act and the inclusion of banks, credit unions and fintech lenders in the distribution of $350 billion in small business loans, Lendio anticipates loan demand to increase over 300%.
“While we are devastated to see small businesses around the country hurting, we are hopeful that the recently-passed CARES Act will alleviate some of the pain business owners are feeling,” says Brock Blake, CEO and co-founder of Lendio. “We’re anxious to hire these loan agents who can help small business owners get quick access to this capital. They will be on the front lines of helping the American economy get back on its feet.”
American Bank of Commerce Prepares to do PPP Loans
American Bank of Commerce (ABC Bank) has announced its plans to provide stimulus loans to local businesses including non-profits and independent contractors.
“The CARES Act gives the financial system important tools to help our local community and consumers while supporting our economic recovery,” says James Arnold, President and CEO of ABC Bank. “American Bank of Commerce remains well-capitalized and our asset quality is strong. We are pleased to be in a position to make an impact on our community during this unprecedented time.”
In addition to preparing to do PPP loans, the CEO of ABC Bank will appear on The Chad Hasty Show this Friday at 10:05 a.m. to explain the CARES Act and the impact it can have on local small businesses in Lubbock, Texas.
U.S. Banks Raise $586 Million to Fight Pandemic
34 banks across America have donated more than $585 million to local, national and international charities and non-profit organizations during March to help communities affected by the spread of COVID-19.
On top of the charitable donations, the banks and lending institutions have increased their training efforts so that they are prepared for the launch of the US government’s newly established Paycheck Protection Program, which is designed to help small businesses stay afloat during the fall in activity caused by isolation and “social distancing” measures.