Need a Paycheck Protection Program Loan, or Just a Bank That Cares? Here’s How to Find One

Next City
Tuesday, April 14, 2020

Applying for PPP loans is urgent; but how do you sift through 10,400 banks and credit unions for ones that are more likely than others to take and process your application? Relying mostly on publicly available data, Mighty's platform profiles all 5,200 banks in the country, highlighting each bank's connections — or the lack thereof — to specific causes, communities and underserved small businesses. Many of those businesses are currently scrambling to find a bank willing to take their application for one of the new Paycheck Protection Program loans. Mighty just started keeping a list of its bank partners who are accepting applications for the new Paycheck Protection Program forgivable loans. It’s not a very long list right now, but they expect it to grow.  There’s also CapNexus, a platform run by the nonprofit Partners for the Common Good. It currently lists a curated set of 501 financial institutions, some of which are banks and credit unions, some of which are loan funds.