The New York Times is reporting that fintech companies have helped out many small businesses that were struggling during the crisis; it provides the example of a small business that could not get a PPP loan from Capital One when they first became available; he connected with Fundera who helped him get a loan from Cross River Bank, both leading fintech companies; others used fintech companies like payroll processor Gusto to help organize the data on their application before applying with their local credit union; others like Rho Business Banking helped their customers by providing them with access to loans at any institution that had money available; what happened here is that “some of these fintechs held their own or bested more established financial service firms that struggled to roll out promised programs.” NY Times
