The East Tennessee business community has shown a great deal of interest in the Paycheck Protection Program, launched on April 3, 2020, by the U.S. Small Business Administration (SBA). To ensure its existing membership has the ability to take advantage of the program, ORNL Federal Credit Union (ORNL FCU) has partnered with Lendio to provide access to the new program.
Members of ORNL FCU can now apply for a Paycheck Protection Program loan through its website at ornlfcu.com. Loan applications and funding will be handled from start to completion by Lendio, a financial technology company that provides access to a consortium of financial institutions with the ability to fund this type of loan efficiently.
“The current environment has created high demand for this type of loan,” said Derek Saidak, Chief Lending Officer at ORNL FCU. “By partnering with Lendio, we are able to connect our business members with a potential resource that can get them through these trying times expertly and efficiently.”
The Paycheck Protection Program is aimed at assisting small businesses left in financial distress due to the COVID-19 pandemic. The program provides forgivable loans up to $10 million to small businesses and is designed to help small businesses struggling to meet the demands of payroll and day-to-day operating expenses. For more information, please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options.