Blueacorn helps process over $14 billion in loans throughout the Paycheck Protection Program

Rhea-AI Summary

Blueacorn, partnering with Prestamos and Capital Plus Financial, has facilitated approximately $14 billion in small business loans through the SBA Payment Protection Program (PPP). Over 860,000 small businesses, predominantly minority-owned (80%), received support, utilizing advanced technologies for fraud detection. Blueacorn aims to provide equitable access to funding for underrepresented communities, with plans to introduce a loan forgiveness portal for borrowers soon. Crossroads Systems, Inc. (OTCQX: CRSS) is a key stakeholder, emphasizing its commitment to economic development.

Positive

• Facilitated approximately $14 billion in small business loans through the PPP.
• Supported over 860,000 small businesses, with around 80% being minority-owned.
• Plans to introduce a PPP loan forgiveness portal for borrowers.

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• None.

SCOTTSDALE, Ariz., June 9, 2021 /PRNewswire/ -- Blueacorn, a leading Lender Service Provider, today announced that it has successfully processed approximately $14 billion in small business loans throughout the duration of the Small Business Administration (SBA) Payment Protection Program (PPP), in partnership with Prestamos, a leading Community Development Financial Institution (CDFI) and subsidiary of Chicanos Por La Causa (CPLC), and Capital Plus Financial, an innovative CDFI and B-Corp subsidiary of Crossroads Systems, Inc. (OTCQX: CRSS). Together with its partners, Blueacorn has provided support to communities that were otherwise overlooked by larger financial institutions throughout the duration of the program.

Since the beginning of the program, Blueacorn and its partners helped more than 860,000 small businesses, approximately 80% of which are minority owned, leveraging proprietary technologies and best-in-class fraud detection software to ensure PPP funds reached those who need them most.

"Blueacorn's mission is to help the backbone of the American economy -- small businesses, independent contractors and the self-employed -- gain access to the PPP funding they are eligible for and need during these challenging times," Blueacorn CEO Barry Calhoun said. "Previous rounds of the program saw the majority of funds distributed to larger businesses via traditional banks, overlooking gig workers and mom-and-pop shops who need this support the most. Every one of these files is a family, and we are immensely proud of how many families we were able to support over these last few months."

"In order to help meet the need and provide equitable emergency relief to small businesses and independent contractors, we understood early on that we needed to advocate, facilitate access and align our efforts with other partners to reach those that wouldn't have received funding otherwise. Our PPP loans serve as a great example of CPLC's heart-meets-business philosophy," said David Adame, Chicanos Por La Causa President & CEO. "The vital and strategic deployment of PPP funding helped traditionally unbanked and underserved communities, including racially and ethnically diverse small business owners that were initially left out. I am most proud that we made a positive impact on so many entrepreneurs helping them to keep their doors open and take care of their families."

"As a minority led and focused CDFI, Capital Plus Financial has seen first-hand how the pandemic has disproportionately impacted minority-owned businesses," Capital Plus Financial CEO Eric Donnelly said. "We are immensely proud of what we have accomplished with Blueacorn, providing these communities with the capital they need and deserve to build back stronger than before."

Working with both Prestamos and Capital Plus Financial, Blueacorn will introduce a portal in the coming weeks to facilitate the PPP loan forgiveness process for its borrowers.

ABOUT BLUEACORN
Blueacorn is a Lender Service Provider that helps simplify the application processes for grant and lending programs for small businesses, independent contractors, and the self-employed through the use of high-quality, proprietary lending software and fraud detection tools.

ABOUT CPLC PRESTAMOS
CPLC Prestamos is an award-winning Community Development Financial Institution and Community Development Entity that has provided small business loans and high-quality technical support services to business owners in underserved communities since 1980. CPLC Prestamos now offers loan products and investment opportunities nationwide with experienced culturally and linguistically competent bilingual advisors in Arizona, California, Nevada, New Mexico and Texas.

ABOUT CROSSROADS SYSTEMS AND CAPITAL PLUS FINANCIAL
Crossroads Systems, Inc. (OTCQB: CRSS) is a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads' subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B- Corp, which supports Hispanic homeownership in Texas.

View original content:http://www.prnewswire.com/news-releases/blueacorn-helps-process-over-14-billion-in-loans-throughout-the-paycheck-protection-program-301309325.html

SOURCE Blueacorn

FAQ

What is Blueacorn's recent achievement regarding small business loans?

Blueacorn has processed approximately $14 billion in small business loans through the SBA Payment Protection Program.

How many small businesses did Blueacorn support during the PPP?

Blueacorn supported over 860,000 small businesses during the PPP.

What percentage of businesses supported by Blueacorn are minority-owned?

Approximately 80% of the businesses supported by Blueacorn are minority-owned.

What upcoming feature will Blueacorn introduce for its borrowers?

Blueacorn plans to launch a portal to facilitate the PPP loan forgiveness process for borrowers.

Which organization is a key stakeholder in Blueacorn's initiative?

Crossroads Systems, Inc. (OTCQX: CRSS) is a key stakeholder in Blueacorn's loan initiatives.