Lending startups are angling for new business from the COVID-19 bailout

Lending startups are angling for new business from the COVID-19 bailout

4 years ago
Anonymous $9CO2RSACsf

https://techcrunch.com/2020/04/02/lending-startups-are-angling-for-new-business-from-the-covid-19-bailout/

As the largest federal stimulus package in the history of the United States, the Coronavirus Aid, Relief and Economic Security Act, injects a planned $2.2 trillion into the U.S. economy, fintech startups are angling to get a seat at the table when it comes to distributing the cash.

“In the last crisis, banks stepped away from the kinds of lending that our members do,” says Scott Stewart, the head of the Innovative Lending Platform Association. “The bank process [for lending] is quite lengthy. Our members are underwriting loans using algorithms at speed and scale.”