Liberty SBF Calls on Congress to Add Desperately Needed Funds to Paycheck Protection Program for Small Businesses Impacted by COVID-19
National non-bank lender is working overtime to help hundreds of struggling small businesses that urgently need this funding to survive
PHILADELPHIA, April 17, 2020 /PRNewswire/ -- Liberty SBF, a national finance company specializing in serving the small business economy, is calling on Congress and the Trump Administration to move swiftly to allocate an additional $250 billion to the Small Business Administration's (SBA) Paycheck Protection Program (PPP) and continue providing urgently needed short-term capital to America's essential small business owners.
With the original $349 billion allocated for the PPP in the Coronavirus Aid, Relief and Economic Security (CARES) Act now depleted, the program has come to a halt with millions of small business applications stuck in the pipeline, and many more stuck in the queue because their banking institutions do not have the capacity to service these loans or have shut out applicants who are not current customers.
Liberty SBF has been successfully processing more than 200 applications a day and is continuing to accept PPP loan applications at no cost to borrowers to ensure they are ready to close without delay as soon as Congress approves the funding.
"We're hearing from small business owners, brokers and small bankers who are all understandably anxious and panicking about being left out of the PPP," said Alexander Cohen, Chief Executive Officer of Liberty SBF. "Now we're stalled until Congress allocates more funds to the Program, at a time when these small business owners desperately need the capital to maintain payroll and protect their future and their employees' jobs."
Unlike many larger commercial financial institutions, Liberty SBF is supporting any qualifying small business in the U.S. with its offering, PPP+ Expertise and Service, with no requirement to be a previous or current customer of the Company. As a non-bank lender without depository restrictions, Liberty SBF does not have existing retail customers and has invited applications from any small business owner who needs capital to maintain payroll.
"Liberty SBF was founded during the last financial crisis with a singular mission, to help small businesses take advantage of government relief programs like SBA 504 loans," said Mr. Cohen. "We are purpose built to help these small business owners work with the SBA and we immediately stood up a program to handle these PPP applications through a streamlined, web-based process."
"We are especially agile when it comes to interpreting emergency legislation like the CARES Act and delivering a practical solution for small business owners to take full advantage of those programs," added Mr. Cohen. "Right now, our team is focused on PPP+ and has ramped up our back-office support and production capability to process as many applications as needed and service all our customers as quickly as possible."
Liberty SBF has a national reputation of helping small business owners navigate financial challenges and maximize the benefits of SBA loan programs. The Company has originated more than $450 million in loans and has participated in over $2 billion in transactions involving SBA programs, acting as a loan originator, bond buyer, pool servicer, and securitizing agent.
"Helping small business owners gain access to the PPP is a natural extension of our core business and truly part of our core values," commented Mr. Cohen. "Our company's purpose is to serve small businesses, and we have a decade-long track record of delivering financing solutions to small business owners through federally supported opportunities such as the SBA 504 program."
"Our mission is to provide affordable financing to main street businesses, and leverage our expertise working with the SBA and other government programs on behalf of small business owners throughout the country," said Mr. Cohen.
Liberty SBF works directly with small business customers seeking first and second lien SBA loans. In addition, Liberty SBF is a trusted referral resource for community banks and credit unions that do not have the infrastructure or expertise in SBA products in order to provide their small business customers with the timely and necessary funding to grow their business.
Small businesses owners can visit www.sbapaycheck.com to start their PPP+ application. Community banks and credit unions looking for a trusted referral resource can contact Director of Sales and Originations Varan Rakhra at (425) 622-2460 for immediate help or email us at [email protected].
About Liberty SBF
Liberty SBF is a mission-based lender that provides capital through the Small Business Administration (SBA) loan programs at a low cost to borrowers. Since its inception ten years ago, the Company has participated in more than $2 billion in transactions involving SBA programs.
SOURCE Liberty SBF
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