Blueacorn helps process over $14 billion in loans throughout the Paycheck Protection Program
Partnerships with Prestamos, Capital Plus Financial facilitate over 860,000 loans to small businesses across the U.S.
SCOTTSDALE, Ariz., June 9, 2021 /PRNewswire/ -- Blueacorn, a leading Lender Service Provider, today announced that it has successfully processed approximately $14 billion in small business loans throughout the duration of the Small Business Administration (SBA) Payment Protection Program (PPP), in partnership with Prestamos, a leading Community Development Financial Institution (CDFI) and subsidiary of Chicanos Por La Causa (CPLC), and Capital Plus Financial, an innovative CDFI and B-Corp subsidiary of Crossroads Systems, Inc. (OTCQX: CRSS). Together with its partners, Blueacorn has provided support to communities that were otherwise overlooked by larger financial institutions throughout the duration of the program.
Since the beginning of the program, Blueacorn and its partners helped more than 860,000 small businesses, approximately 80% of which are minority owned, leveraging proprietary technologies and best-in-class fraud detection software to ensure PPP funds reached those who need them most.
"Blueacorn's mission is to help the backbone of the American economy -- small businesses, independent contractors and the self-employed -- gain access to the PPP funding they are eligible for and need during these challenging times," Blueacorn CEO Barry Calhoun said. "Previous rounds of the program saw the majority of funds distributed to larger businesses via traditional banks, overlooking gig workers and mom-and-pop shops who need this support the most. Every one of these files is a family, and we are immensely proud of how many families we were able to support over these last few months."
"In order to help meet the need and provide equitable emergency relief to small businesses and independent contractors, we understood early on that we needed to advocate, facilitate access and align our efforts with other partners to reach those that wouldn't have received funding otherwise. Our PPP loans serve as a great example of CPLC's heart-meets-business philosophy," said David Adame, Chicanos Por La Causa President & CEO. "The vital and strategic deployment of PPP funding helped traditionally unbanked and underserved communities, including racially and ethnically diverse small business owners that were initially left out. I am most proud that we made a positive impact on so many entrepreneurs helping them to keep their doors open and take care of their families."
"As a minority led and focused CDFI, Capital Plus Financial has seen first-hand how the pandemic has disproportionately impacted minority-owned businesses," Capital Plus Financial CEO Eric Donnelly said. "We are immensely proud of what we have accomplished with Blueacorn, providing these communities with the capital they need and deserve to build back stronger than before."
Working with both Prestamos and Capital Plus Financial, Blueacorn will introduce a portal in the coming weeks to facilitate the PPP loan forgiveness process for its borrowers.
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