American Lending Center Supports Small and Minority-Owned Businesses in Second Round PPP
ALC introduces professional support system for small enterprises to navigate loan program
LONG BEACH, Calif. (January 15, 2021) – American Lending Center (ALC), one of a few approved non-bank lenders focused almost exclusively on supporting small, women- or minority-owned, and self-employed business enterprises, applauds the federal government’s recent approval of another round of COVID-relief. The Paycheck Protection Program (PPP) has been one of the most significant factors keeping businesses afloat during the pandemic, and ALC is at the forefront of serving companies left behind by some of the larger financial institutions.
Through a new partnership program, ALC has launched a new application system to facilitate PPP loans for some of the most vulnerable American companies. For many business owners for whom English is a second language, the PPP loan process can be overly daunting. This potentially leads to many more new immigrant businesses closing their doors and limiting the American dream for which so many have come to the United States. ALC is collaborating with culturally sensitive, multi-lingual CPAs and financial advisors to further expand the accessibility and availability of vital federal funding
“Congress recognized the need to focus in on small business relief in this newest round of stimulus,” said John Shen, CEO of ALC. “But particularly for small companies with limited resources or for many in new immigrant communities, PPP loans can still seem unattainable. We are thrilled to be partnering with financial institutions and networking with other professional entities able to support all Americans and further stimulate local main street economies.”
ALC’s average loan amount was approximately 20,000 dollars. Nearly 89 percent of loan recipients have been minority or women owned businesses, and 60 percent were self-employed. Since receiving approval last year, ALC has processed over 500 PPP loan applications. The majority of first round PPP borrowers were funded within 3 days of their submittal to SBA for processing. The company has provided over fifteen million dollars in relief funds to enterprises in 36 states across the country and is a passionate small business lender originating loans nationwide almost exclusively under SBA programs.
ALC’s online application portal is now open to assist these small businesses who are qualified for a first or second draw PPP loan at www.AmericanLendingCenter.com.