FinTech company BlueVine has partnered with DoorDash to provide a custom PPP loan application for small businesses.
The opportunity is designed for restaurants that partner with DoorDash for delivery services. And it’s meant to help those companies save time on the application process.
Independent restaurants have been hit extremely hard by the pandemic. So any opportunity for extra funds may help more stay afloat. However, not all feel equipped to apply for and receive loans from the government’s Paycheck Protection Program. The federal government recently extended the program through August 8. So BlueVine will continue to accept and process applications through this period. As a SBA approved lender, they’ve created a custom application process that’s designed to be easy for small businesses.
BlueVine, DoorDash PPP Loan Tool for Restaurant Owners
Brad Brodigan, Chief Commercial Officer at BlueVine said in an email to Small Business Trends, “Our partnership with DoorDash has provided millions in fast funding to restaurants who may have been waiting to hear from their traditional bank. We’ve heard from business owners that the program can be intimidating and confusing, deterring many of them from applying for a loan. In some cases, business owners were frightened by the lack of information on forgiveness. By receiving information from a trusted source like DoorDash and a simplified application process and hands-on support from BlueVine, our hope is that many restaurants received PPP loans that wouldn’t have otherwise – especially those who may not have had a relationship with their bank.”
To apply, merchants can simply fill out the online application on BlueVine’s website by August 8. The company offers a simple application, fast processing, and day-of funding capabilities. You’ll need some basic business information, bank account, and tax documents. Businesses just need to have fewer than 500 employees and show hardships due to COVID-19 to qualify for PPP loans.
Loans can be for up to $2 million at 1 percent interest. And they can be used to cover payroll, rent utilities, and other approved operating expenses. There are no payments for the first six months. And those who meet certain employee retention qualifications may have their loans forgiven.
BlueVine and DoorDash Partnership History
The two companies originally formed this partnership in April. Since then, nearly 200 DoorDash partners have received more than $6 million in collective PPP funding. The companies estimate this can impact more than 1,200 workers. And the majority of those recipients are independently owned restaurants with fewer than ten employees.
Overall, the idea is to create a quick and easy way for small restaurants to get the help they need. Small restaurants have been hit extremely hard by the pandemic. And many are currently scrambling to reopen or pivot their offerings to carryout or delivery methods. So spending tons of extra time on complicated loan applications may not be in the cards. This program is designed to make PPP funding more accessible to those small business owners. So it could ultimately help more independent restaurants stay afloat.
Brodigan says, “Our partnership with DoorDash has allowed independent restaurant owners to save time by being able to apply for a loan within minutes. BlueVine’s technology is simple, easy to use and has provided many applicants with day-of funding. Our partnership has provided a lifeline to hundreds of independent restaurant owners quickly with our team of trusted advisors helping merchants every step of the way.”
Get the latest headlines from Small Business Trends. Follow us on Google News.
More in: Coronavirus Biz Advice, PPP Loans
The restaurant industry definitely needs the help. Good luck!