Fintechs Seek U.S. Government Funds to Help Make Business Loans
- Online lenders pushing for a role in small-business lending
- If small businesses fail, ‘we can’t serve them in the future’
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Financial-technology firms including PayPal Holdings Inc. are lining up to help speed lending to small businesses during the coronavirus crisis -- and are pushing for a slice of emergency U.S. government funding.
Industry group Financial Innovation Now urged Congress in a letter to provide capital to online lenders including PayPal and Square Inc., and to permit the firms to disperse Small Businesses Administration loans. The group’s members also include Inuit Inc. and Stripe Inc.