SALT LAKE CITY, Jan. 11, 2021 /PRNewswire/ -- Nav, the simple and intelligent financing platform for small businesses, today launched its PPP Application Portal to help small businesses quickly apply for the new round of Paycheck Protection Program (PPP) loans. The Nav PPP Portal simplifies and streamlines the process of submitting for PPP loans and guides business owners through application in 15 minutes. This functionality is enabled by Nav's partnership with multiple national and regional lenders including the No. 1 SBA loan origination software and services partner.
In 2020 Nav assisted over 6,000 small businesses in securing loans, but also saw the funds fall short for far too many. A recent report from Nav showed that, in the first round, only 36 percent of the smallest US businesses applied, versus 61 percent of mid-sized businesses. It's clear that for the smallest businesses, the sheer resources required to apply are too heavy a burden. The same report revealed that the smallest companies found the application paperwork to be the "most frustrating" part of the PPP.
"At Nav we're committed to helping more small businesses thrive, especially so during the current economic uncertainty and global pandemic," said Greg Ott, CEO at Nav. "This year it became glaringly evident that small businesses need a clearer, easier path to financing—loans through the Paycheck Protection Program included. Our portal streamlines the PPP application process so small business owners can secure the funds they need to keep their doors open without straining already-thin resources in the process."
About Nav Nav uses real business data to quickly match small businesses with the best loans and credit cards. The leading Business Financial Management app, Nav's intelligent business financing solution powers insights and opportunities for daily financial decisions that fuel their success. Nav's solution is also leveraged by other business service providers to enhance their customer experience. More about Nav is available at Nav.com.