![]() ![]() PPP loans are issued by banks and backed by the SBA, so they require no collateral and no personal guarantees. "Since the PPP program is first come, first serve, we knew we'd need a banking partner who could process lots of loans quickly, without applications getting stuck. "Cross River Bank has been an incredible partner," said Snow. For small businesses struggling to keep the lights on or retain employees during the COVID-19 crisis, speed to funding is the top priority. In the first five hours of accepting applications, Divvy processed over $800 million of loan requests. "We're seeing customers take their applications from start to finish in 15 minutes."ĭivvy partnered with Cross River Bank due to CRB's tech-first approach-many other banks have been processing applications on paper. "This is the fastest, easiest solution for PPP applications available today, because it all takes place online," said Sterling Snow, Senior Vice President of Revenue at Divvy. For more information about Purpose Built visit our website.LEHI, Utah, Ap/PRNewswire/ - Divvy, the leader in spend and expense management, today announced the immediate availability of its 100%-digital application for SBA-backed Paycheck Protection Program (PPP) loans, through its partnership with Cross River Bank (CRB). If you enjoyed this episode, please subscribe and leave a rating and review on your favorite podcast listening app.ĭon’t forget to visit our website, connect with Miles on Twitter or LinkedIn, and share your favorite episodes across social media. Thanks for tuning into today’s episode of Startups For Good with your host, Miles Lasater. Subscribe, Rate & Share Your Favorite Episodes! The Hard Thing About Hard Things by Ben Horowitz Self awareness to keep up company growthĬonnect with Adena on Twitter mentioned on the show:.How investor background helps fundraising.“I think the trade we make, and why that's acceptable to us as a business is we end up getting tenants who think act and feel like homeowners.” - Adena Hefets ![]() She currently lives in Oakland, California.Īdena joins me today and we discuss profitability, first growth trade off, co-founder relationships, the role of a CEO, getting and learning from mentors, along with a lot more. She was named 40 Under 40 by Fortune and is backed by Andreessen Horowitz, Tiger Capital, and Caffeinated Capital. She started her career as an investment banker at Merrill Lynch.Īdena holds a Bachelors of Science, Policy Analysis and Management from Cornell University and a Masters of Business Administration, Stanford Graduate School of Business. Prior to joining Square, she was part of the large-cap buyout team at TPG, a private equity firm, where she helped purchase companies in the real estate sector. Prior to founding Divvy, Adena joined Square in 2013 and was responsible for building out Square Capital, a merchant cash advance platform with billions in loans outstanding. To solve this, she came up with a new way to finance a home purchase through a rent-to-own model that allows renters to gradually build up ownership in their future homes. Today, Adena is one of the few female founders to reach double unicorn status and to be valued at approximately $2 billion.Īdena set out to solve a problem she saw in the market: fewer people can afford to purchase a home today than two decades ago. Adena Hefets is the co-founder & CEO of Divvy Homes, a proptech company on a mission to make homeownership accessible to everyone. ![]()
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