elev8 Advisors Group Empowers Small Businesses During COVID with Expansion of PPP Lending Program
NEWS PROVIDED BY elev8 Advisors Group Apr 13, 2021, 14:28 ET
MESA, Ariz., April 13, 2021 /PRNewswire/ -- elev8 Advisors Group, an Arizona-based financial services consulting firm, announced their increasing commitment of resources and efforts to serve the SMB marketplace. The Group's enhanced focus has increased the firm's fundings for participants in the SBA's Paycheck Protection Program (PPP) from $21M in 2020 to a staggering $3.4B so far during the first quarter of 2021.
With the extension of the PPP program, Founder Adam Spencer along with Sr. Partner Aaron Slominski found the gaps that were creating disparities in which business types and owners receiving help were just as much due to a lack of innovation, as much as a lack of banks willing to give access to said innovation.
Blueacorn was the natural selection for a lending partner, as the firms shared both those same visions of innovation along with each's Arizona roots. The firms collaborated last year in the PPP first round in a two-way referral relationship, sharing only modest success that was illustrated with a couple of hundred loans done together to show for it. This year however, elev8 operationalized Blueacorn into a powerhouse. Taking the Blueacorn's proprietary software solutions and fraud tools and combining it with powerful partners in the digital marketing sectors, their combined efforts have driven hundreds of thousands of small business owners to elev8's easy-to-use interactive web portal elev8withus.com/ppp-loans.
"We recognized that we had to develop an easy tool for American businesses to be able to obtain the necessary PPP funding, but keep it simple and efficient," said Slominski.
Blueacorn, with the assist of elev8 and their ability to quickly scale and structure, both with operational and financial support, has become the 6th largest PPP lender in America behind industry stalwarts such as JP Morgan and Bank of America. Spencer says that the focus they made early on to shift their focus of the program this time on the 1099, Daily Wage, and Sole Proprietor population of U.S. small businesses wasn't simply just a lucky guess that created such success. "We knew we wanted our target audience as CDFI's and very small community bank types on the institutional side, and the underbanked and unserved markets on the prospective clients side. That's been validated with 64% of our clients' loans having gone to minority business owners who are in disadvantaged or other negatively impacted economic areas," says Spencer.
elev8 Advisors was selected by Blue Acorn CEO Noah Spirakus because of "elev8's ability to understand the complexities of the lending ecosystem while also being able to succinctly focus marketing efforts to really optimize and target their idea of the 'average American business owner.' We jointly share the visions of one small business to another, that empowering other small businesses, represents the mission of the SBA and the American Dream. Together we wanted to open that up to all business owners, and do it in a big, big way."
About elev8: elev8 Advisors Group allows its clients to learn about and thrive in, today's hyper-aggressive payments landscape. The company takes the confusion and lack of clarity around compliance, technology, and platform access, and provides an omni-present solution that firmly places its clients in a position that they can continually offer win/win situations with excellent outcomes for both parties involved.
About Blue Acorn: Blueacorn is a software driven platform provider offering a service that bridges operational gaps between businesses and banks/lenders by using its proprietary lending and fraud tools focused on both grant and lending programs. Contact: Cody@elev8withus.com SOURCE elev8 Advisors Group Related Links https://www.elev8withus.com/ppp-loans