Florida Based Nonbank Lender Funds over $4.72B of PPP Aid in 15 Months
ORLANDO, Fla., June 16, 2021 (GLOBE NEWSWIRE) -- Fountainhead, an SBA-approved nationwide, nonbank lender for small-to-mid-sized businesses, today announces over the past 15 months it has funded 287,710 Paycheck Protection Program (PPP) loans totaling over $4.72 billion in much-needed aid for small businesses. In the most recent Small Business Administration (SBA) PPP Report, Fountainhead was included in the Top PPP Lenders for 2021 PPP list, ranking as the 6th most active and ranking 12th for most funding.
At the onset of the COVID-19 pandemic in 2020, Fountainhead’s team of 30 Orlando-based employees proved their dedication to helping businesses in need, pivoting from their usual offerings of SBA 7(a), SBA 504, low LTV conventional loans to process hundreds of thousands of PPP applications. In 2020, Fountainhead funded 8,237 PPP loans for $767 million. This year after further refining customer support logistics and expediting fraud detection, Fountainhead increased the number of processed loans extensively, totaling 279,473 PPP loans for $3.95 billion as of June 2021 and preserving an estimated 430,000 American jobs.
“We did not shy away from the latest round of PPP. Before it was introduced, we were implementing new procedures and building on what we learned from the first and second rounds in order to create a more streamlined and effective system for our customers,” said CEO and Founder Chris Hurn. “It's no secret that the past few months have been anything but easy. While our team endured long days and nights with little time to rest, we're extremely proud to have helped so many small businesses. Our team performed admirably. I’m so very proud of them.”
A great portion of these funds were allocated to underserved microbusinesses and self-employed business owners. The efficient process allowed those in need to apply for critical PPP aid in less than five minutes and receive funding in a matter of days, not weeks. Fountainhead’s current objective is to process PPP loan forgiveness applications while also refocusing on its core business of SBA 7(a) and SBA 504 loans.
For more information on Fountainhead, or ways to grow your small-to-mid-sized business, visit FountainheadCC.com.
Founded in 2015, Fountainhead is one of 14 U.S. Small Business Administration (SBA) approved nationwide, nonbank, direct commercial lending firms specializing in funding commercial real estate projects and providing growth financing for small-to-midsize businesses utilizing SBA 7(a), SBA 504, and low LTV conventional loans. The nonbank lender is the largest SBA-approved nonbank lender in the Southeast, the largest SBA lender based in Florida, and was recently named the ninth-fastest growing firm in Orlando. The team at Fountainhead has been involved in financing more than $24 billion in total projects over their careers, making them one of the most experienced teams in commercial lending to owners of small-to-midsized businesses.
Uproar PR for Fountainhead