NEW YORK, Jan. 12, 2021 /PRNewswire/ — Paybby, a mission driven Public Benefit Corporation, launches the ‘Together We Can’ platform to help entrepreneurs and small businesses in minority communities access Covid-19 Relief Funding and grants.
Paybby’s ‘Together We Can’ platform simplifies the application process by leveraging technology.
The SBA and Treasury announced that the new PPP loan will re-open with community financial institutions (CFI) exclusively allowed to make first-draw PPP loans starting Jan. 11 and second-draw PPP loans starting Jan. 13. CFIs are banks and credit unions that accommodate people who are traditionally locked out of affordable financial services.
"Black and brown communities have been disproportionately impacted by Covid-19," said Hassan Miah, CEO and Founder of Paybby. "With Paybby’s ‘Together We Can platform,’ entrepreneurs, and small business owners can expedite the process of receiving Covid-19 Relief Funding and grants. They desperately need the funding not only to keep their businesses afloat, but to financially support their families and the communities they serve."
This platform is being introduced to help small businesses expedite the process of receiving funding. With many small businesses having to resort to shutting their doors, the effect has been devastating on businesses, families of business owners, and the communities they operate in.
"When we look at the statistics of how much funding Black entrepreneurs receive in contrast to total funding, the number is abysmal," says Miah. "Due to the lack of funds during this pandemic, many small businesses within these communities have had to permanently close. We need to change this immediately. This is why we felt it was urgent to launch the ‘Together We Can’ platform to help these communities at their moment in need. We understand that providing access to the information necessary to receive funding is instrumental in the success of these business owners."
More than 2 out of 5 small businesses and self-employed workers have been forced to stop business as a result of Covid-19. Black and Brown businesses receive far less than the number suggests given the relative size of the communities they serve.
Paybby’s new ‘Together We Can’ platform can simplify and expedite the application processing for entrepreneurs in these communities so they can receive the financial relief they need. To sign up and get started, please visit www.Paybby.com/TogetherWeCan.
Paybby (pronounced pay-baby) is a consumer finance technology company seeking to offer black and brown communities what they truly need—a bank offering more targeted services, financial empowerment through education, innovative personal finance tools and a financial institution that cares about long-term well-being.