FinTech leader Finastra has revealed that it has helped process over 86,000 Paycheck Protection Program(PPP) loans to date to support small businesses hurt by COVID-19.
It has done so by supporting community-focused banks and credit unions as they provide critical financial assistance for US SMEs.
Robert F. Smith and Vista Equity Partners has authorised Finastra to donate revenue generated from the initial phase one and two PPP loan processing fees – equal to $2.2 million – to food banks across America.
“At a time when so much is uncertain, community banks and credit unions are vital in paving a path forward for small and mid-sized businesses being impacted by the COVID-19 pandemic,” said Chris Zingo, SVP and GM of Americas Field Operations at Finastra. “We are proud to be able to help our customers deliver on their promise to serve their local communities in a time of great need. By optimizing our business and consumer lending platforms, we are ensuring that financial institutions are able to deliver relief to the businesses that serve as the backbone to their local economies.”
FinTech leader Finastra has revealed that it has helped process over 86,000 Paycheck Protection Program(PPP) to date to support small businesses hurt by COVID-19.
It has done so by supporting community-focused banks and credit unions as they provide critical financial assistance for US SMEs.
Robert F. Smith and Vista Equity Partners has authorised Finastra to donate revenue generated from the initial phase one and two PPP loan processing fees – equal to $2.2 million – to food banks across America. That news comes after Smith called for a wave of FinTech solutions to help minority-owned small businesses through the crisis.
“At a time when so much is uncertain, community banks and credit unions are vital in paving a path forward for small and mid-sized businesses being impacted by the COVID-19 pandemic,” said Chris Zingo, SVP and GM of Americas Field Operations at Finastra. “We are proud to be able to help our customers deliver on their promise to serve their local communities in a time of great need. By optimizing our business and consumer lending platforms, we are ensuring that financial institutions are able to deliver relief to the businesses that serve as the backbone to their local economies.”
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