NCR Corporation forms partnership with NYMBUS to support SMEs

NCR Corporation, a developer of payment services, is partnering with NYMBUS to help small businesses hit by the coronavirus pandemic.

The companies are doing this by offering Small Business Administration (SBA) Paycheck Protection loans.

NYMBUS’s SmartLoans platform offers end-to-end loan processing which empowers all SBA approved banks in the US to submit SBA application on behalf of their customers.

NCR Hospitality president Dirk Izzo said, “Small and medium sized businesses, in particular restaurants, are scrambling to navigate the impact of business disruptions during the coronavirus outbreak.

“We’re committed to helping our small and medium sized business customers keep commerce running and navigate this difficult time—including facilitating access to much-needed financial support.”

Last week, US congress approved the CARES Act which will help businesses under 500 employees access cash-flow through 100% federal guaranteed loans if employers maintain their payroll during the emergency.

NYMBUS President David Mitchell said, “The NYMBUS SmartLenders turnkey loan outsourcing platform allows our bank partners to immediately process a much higher volume of loans without needing to adjust their systems to do so.

“The NCR and NYMBUS team puts together the borrowers and lenders at a faster pace. Our joint vision is to help our communities as fast as we can. Banks wishing to join forces with NYMBUS and NCR to help small businesses through this program should contact us immediately.”

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.