Originally posted on: https://finance.yahoo.com/news/bitx-funding-creates-immediate-opportunity-195200914.html.
FAIRFIELD, Conn., April 20, 2020 /PRNewswire/ — BitX Funding, the online lending marketplace known for streamlining finance by matching small-business owners with optimal, non-bank lenders, are fortifying their unique process by partnering with Fintech companies to service loans through the current Paycheck Protection Program. While banks are overwhelmed, the partnership offers a turnkey experience and infrastructure needed to support the extensive demand.
“BitX Funding is committed to supporting small businesses through the COVID-19 outbreak by helping them through a very stressful time,” said Todd Rowe, President of BitX Funding. “We receive calls from small businesses with W2, 1099, and sole proprietors who are confused and don’t know where to begin. The BitX platform and customer service offer a frictionless process for business owners applying for the Paycheck Protection Program, ensuring rapid response and full transparency. The program continues to evolve, and the first round of lending was allocated so quickly that the program ran out of funds. We advise business owners to keep pressing forward and to process their applications in preparation for the next wave when Congress and Senate approve additional funding. Large banks provide minimal support and guidance to the business community, so we recommend putting in an application with BitX. Let us see who funds first.”
The Paycheck Protection Program is part of the $2 trillion CARES Act that was created in March 2020 to keep America’s small businesses afloat along with its workforce. BitX is helping to break through the bottleneck and expedite PPP loans as small business owners apply at an unprecedented scale.
Since 2013, BitX Funding has generated over $50 million in financing for small businesses nationwide by breaking down barriers within traditional banking through an online marketplace that pairs small-business owners with optimal lenders offering startup loans, business lines of credit, short-term loans, mid-term loan, SBA loan and merchant cash advances. Todd Rowe, President of BitX Funding, is an experienced non-bank lender within the fintech universe whose corporate initiatives support his goal of galvanizing small businesses’ economy. During the pandemic, he is looking to underscore his support by expanding the processing and servicing needed to support the community. BitX Funding can accelerate the business loan process and gap funding to help your small business succeed.