FinTech company BlueVine has partnered with DoorDash to provide a personalized PPP loan application for small businesses.
The opportunity is designed for restaurants that partner with DoorDash for delivery services. And it’s meant to help those companies save time on the application process.
Independent restaurants have been extremely hard hit by the pandemic. So, any opportunity for additional funds can help further to stay afloat. However, not everyone feels equipped to apply for and receive government Paycheck Protection Program loans. The federal government recently extended the program until August 8. BlueVine will therefore continue to accept and process requests during this period. As an SBA-approved lender, they’ve created a custom application process designed to be easy for small businesses.
BlueVine, DoorDash PPP Lending Tool for Restaurant Owners
Brad Brodigan, Chief Commercial Officer of BlueVine, said in an email to Small Business Trends, “Our partnership with DoorDash has provided millions in quick funding to restaurants who may have been waiting for news from their traditional bank. Business owners have told us that the program can be intimidating and confusing, deterring many from applying for a loan. In some cases, business owners have been scared off by the lack of information about forgiveness. By receiving information from a trusted source like DoorDash and a streamlined application process and hands-on support from BlueVine, we hope many restaurants have received PPP loans that otherwise wouldn’t have – especially those who can’t. -be had no relationship with their bank.”
To apply, traders can simply complete the online application on the BlueVine website by August 8. The company offers simple application, fast processing and same day funding capabilities. You will need basic business information, a bank account and tax documents. Businesses simply need to have fewer than 500 employees and show hardship due to COVID-19 to be eligible for PPP loans.
Loans can be up to $2 million at 1% interest. And they can be used to cover payroll, utility rent and other approved operating expenses. There are no payments for the first six months. And those who meet certain employee retention requirements may have their loan forgiven.
History of the BlueVine and DoorDash partnership
The two companies originally formed this partnership in April. Since then, nearly 200 DoorDash partners have received more than $6 million in collective PPP funding. The companies estimate that it can affect more than 1,200 workers. And the majority of those beneficiaries are independent restaurants with less than ten employees.
Overall, the idea is to create a quick and easy way for small restaurants to get the help they need. Small restaurants have been extremely hard hit by the pandemic. And many are currently scrambling to reopen or pivot their offerings to shipping or delivery methods. So spending tons of extra time on complicated loan applications might not be an option. This program is designed to make PPP financing more accessible to these small business owners. So that could help more independent restaurants stay afloat.
Brodigan says, “Our partnership with DoorDash has saved independent restaurateurs time by being able to apply for a loan in minutes. BlueVine’s technology is simple, easy to use, and has provided many applicants with day-to-day funding. Our partnership has quickly provided a lifeline to hundreds of independent restaurateurs with our team of trusted advisors helping merchants every step of the way.
More in: Coronavirus Biz Advice