Funding Circle is considered to be the "largest small business lending fintech [firm]" and in April, it was approved to deliver Paycheck Protection Program loans through its online portal. Available in the United States, the service is offered in four languages, including English, Spanish, Mandarin, and Hindi. As a business, Funding Circle focuses on candidates that have been "historically under-served by traditional lenders," allowing for more flexibility with a transparent line of credit.
The Paycheck Protection Program is authorized by the CARES Act and amounts to a $350 billion USD program in full. In addition, it includes "provisions for loan forgiveness up to 100%, if the proceeds of the loan are used for certain payroll costs, interest on mortgages, rent, and utilities."