James Clyburn, D-S.C., released the incriminating report Thursday that alleges the companies intentionally approved high-dollar loans ahead of those meant to assist small mom-and-pop businesses and directed workers to ignore signs when applications were blatantly fraudulent.
The Select Subcommittee on the Coronavirus Crisis, chaired by Rep.
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Crossroads’ subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B- Corp, which supports Hispanic homeownership in Texas.A congressional panel is recommending several tech and lending companies be investigated for fraud for the way they processed billions of dollars in Paycheck Protection Program loans, including a Phoenix-based startup co-founded by a former television newscaster. (OTCQB: CRSS) is a holding company focused on investing in businesses that promote economic vitality and community development. CPLC Prestamos now offers loan products and investment opportunities nationwide with experienced culturally and linguistically competent bilingual advisors in Arizona, California, Nevada, New Mexico and Texas.ĪBOUT CROSSROADS SYSTEMS AND CAPITAL PLUS FINANCIALĬrossroads Systems, Inc.
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Working with both Prestamos and Capital Plus Financial, Blueacorn will introduce a portal in the coming weeks to facilitate the PPP loan forgiveness process for its borrowers.īlueacorn is a Lender Service Provider that helps simplify the application processes for grant and lending programs for small businesses, independent contractors, and the self-employed through the use of high-quality, proprietary lending software and fraud detection tools.ĬPLC Prestamos is an award-winning Community Development Financial Institution and Community Development Entity that has provided small business loans and high-quality technical support services to business owners in underserved communities since 1980. “We are immensely proud of what we have accomplished with Blueacorn, providing these communities with the capital they need and deserve to build back stronger than before.” “As a minority led and focused CDFI, Capital Plus Financial has seen first-hand how the pandemic has disproportionately impacted minority-owned businesses,” Capital Plus Financial CEO Eric Donnelly said. I am most proud that we made a positive impact on so many entrepreneurs helping them to keep their doors open and take care of their families.” “The vital and strategic deployment of PPP funding helped traditionally unbanked and underserved communities, including racially and ethnically diverse small business owners that were initially left out. Our PPP loans serve as a great example of CPLC’s heart-meets-business philosophy,” said David Adame, Chicanos Por La Causa President & CEO. “In order to help meet the need and provide equitable emergency relief to small businesses and independent contractors, we understood early on that we needed to advocate, facilitate access and align our efforts with other partners to reach those that wouldn’t have received funding otherwise. Every one of these files is a family, and we are immensely proud of how many families we were able to support over these last few months.” “Previous rounds of the program saw the majority of funds distributed to larger businesses via traditional banks, overlooking gig workers and mom-and-pop shops who need this support the most.
“Blueacorn’s mission is to help the backbone of the American economy - small businesses, independent contractors and the self-employed - gain access to the PPP funding they are eligible for and need during these challenging times,” Blueacorn CEO Barry Calhoun said.
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