ALC provides loan relief to small businesses missed by big banks
American Lending Center (ALC) is proud to announce that as one of just a few recently approved non-bank lenders for the Paycheck Protection Program (PPP) it has been able to strategically focus on supporting minority- and women-owned businesses vital to America’s Main Street community and cultural fabric.
ALC has provided loans predominantly to small businesses and self-employed individuals left behind by the big banks in PPP. Unlike the national average of over 100,000 dollars, ALC’s average loan amount has been just over 20,000. Nearly 97 percent of loanees have been small minority or women owned enterprises, with 43 percent self-employed.
"Two months after we filed a PPP application with our bank we were still unable to get anything. We changed to another bank and filed another application, yet still could not secure an approval. It was so frustrating," said Shannon Gao, CFO of Nurlink Technology Inc., a San Diego based tech company severely hurt by COVID-19. "We finally found American Lending Center and it only took a few days – boom we got the loan."
In just the last two weeks of June, ALC processed over 300 loan applications and received SBA approvals for over 200. The company has provided over five million dollars in relief funds to local enterprises in 32 states across the country.
With the majority of ALC’s borrowers minority mom and pop shops who only qualified for a small loan amounts, limited banking resources or placement in underserved communities translated to minimal chance for PPP relief through big banks.
"Our loan recipients include Japanese restaurants in Tennessee, multiple nail salons in New York City, small gyms and tech firms in southern California, and so many self-employed borrowers all over the country. Last week we approved a loan for just 2,310 dollars to help keep a small business in Texas afloat," said John Shen, CEO of ALC. "This isn’t millions for large corporations, but just enough to get by for American entrepreneurs in underserved areas. This is support our economy and our neighbors desperately need."
The Federal Reserve also recently granted ALC access to PPPLF, a federal credit facility designed for PPP lending typically reserves solely for banks and those with a 7(a) license.
About American Lending Center
American Lending Center (ALC) is a licensed non-bank lender that has provided over 350 million dollars to American ventures and created over 10,000 full-time jobs throughout the US. ALC is a Treasury and SBA-approved PPP lender ready to support qualified borrowers nationwide. ALC had funded 85 small business projects in 19 states primarily under the SBA 504 program and is committed to supporting small-to-medium sized businesses in rural and underserved areas.