SoFi Provides Small Businesses Easy Access to Network of Lenders for PPP Loans
SoFi announced it has helped funnel over $75 million in loan applications to lenders for the Paycheck Protection Program (PPP) established by the CARES Act, through its extensive network of lenders, through Lantern, the product comparison site operated by SoFi. Launched just 4 days after the CARES Act was passed, Lantern’s PPP offering has seen 42% of applicants match with its network of lenders, of which 24% got approved by the SBA for PPP loans.
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SoFi Lantern makes it easy for applicants to search across different financing options, including SBA programs, private small business financing options, and personal loans to provide applicants with a wide array of solutions all from a single application.
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“In this moment in time, speed, reliability, and security are absolutely imperative when it comes to serving peoples’ financial needs,” said Anthony Noto, CEO of SoFi. “Through our Lantern product, SoFi has been able to arm all consumers with the information to find the financial tools they need, while keeping pace with the rapidly changing environment without any preferential treatment.”
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