SALT LAKE CITY, Feb. 24, 2021 /PRNewswire/ — Nav, the simple and intelligent financing platform for small businesses, today announced that they’re working with more than 80,000 small businesses to unlock PPP funds and have already channeled more than $50 million to U.S. businesses in the latest round.
Nav’s technology is helping business owners navigate the complex application process quickly and easily. The White House has announced that, starting today, it will begin a 14-day period in which only businesses with fewer than 20 employees can apply for relief. More than 90% of business owners working with Nav to get PPP funds in this round fall in this category. Because of this, Nav’s team is prepared to support even more businesses as they pursue needed funding in this current round.
“We’re hearing loud and clear from small business owners everywhere that their bank or credit union has lost interest in helping them get PPP funds or that their application has simply stalled out,” said Nav CEO Greg Ott. “That’s not the case at Nav; our No. 1 priority is helping small business owners get the money they need. We’ve already helped over 80,000 businesses in their PPP search and we’re not stopping until all of the SBA’s money has gotten into the hands of the business owners who have shown true grit in this unprecedented time.”
Nav’s 2020 Small Business Financing Report found that an astounding 64 percent of very small businesses didn’t even apply for PPP funds, putting them at a clear disadvantage in weathering the COVID economy. The survey also found that most common PPP frustrations included the complexity of the paperwork, slowness of the process, and inability to find the right loan.
Amidst these barriers to entry and PPP changes in this round, Nav continues to simplify and streamline the process for customers. Fort Worth-based European Skincare & Med Spa owner Alexander von Illyes applied for PPP through Nav’s portal in January and was fully funded less than two weeks after receiving his PLP authorization.
“The [Nav] portal was very well designed and easy to use and gave all the information that was needed to upload the right documents,” von Illyes said. “My own bank can learn a few things from Nav.”
Business owners interested in accessing PPP funds can complete an application via Nav’s PPP Portal in 15 minutes or less and get connected with a lender who can assist them. In addition, Nav offers resources including a PPP Loan Calculator that helps business owners determine what financing and forgiveness they qualify for before they apply, at no cost. The company also regularly updates free educational resources to help people understand how to apply for this round of PPP and other forms of relief, like Economic Injury Disaster Loan (EIDL) grants.