As lawmakers debate how to pump more money into a high-profile pandemic-related small business loan program, a coalition of companies and real estate professionals have launched a new portal to help independent contractors such as real estate agents (among others) actually score some of the cash when it becomes available.

The portal is part of the website of Loan Source, a non-bank lenders that works with the U.S. Small Business Administration (SBA), which is overseeing the Paycheck Protection Program (PPP) during the economic crisis. Loan Source built the portal with consulting firm AQN Strategies, technology company iControl Data and technology engineer consortium CovidReserve.

Nurit Coombe, owner of Maryland’s RE/MAX Elite Services, also consulted on the project.

Joshua Kravitz

Joshua Kravitz, Loan Source’s chief operating officer, told Inman that the project came about after everyone involved realized that there was tremendous demand for PPP loans. However, there was also a significant amount of confusion over the program, especially regarding how exactly independent contractors who don’t have traditional payrolls could apply. Additionally, banks were tasked with distributing the money, but according to Kravitz they typically don’t have extensive experience with SBA loans because such loans are less profitable.

Loan Source — which has a long-standing relationship with the SBA — wanted to help solve those problems. But as a small family business, it needed to scale up in order to handle a flood of incoming applications. The partnership allowed Loan Source to do just that, beefing up its scale by relying on its partners’ software for things like verifying applicants’ information.

“Verification is a perfect vehicle to be automated,” Kravitz told Inman. “We have just taken out a significant bottle neck.”

“Everyone should go and seek the quickest form of capital,” he said. “People should apply to 10 places. When you fill out your borrower application you certify you will not accept two loans.”

What all of this means is that real estate professionals who have already applied but never heard back can still submit new applications, including via the system that Loan Source now has in place.

For more information or to apply for a loan, visit Loan Source’s website.

Email Jim Dalrymple II

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