Jackie Reses, the head of Square Capital, is looking to disrupt financial services by partnering with a 95-year-old Missouri bank. She wants to help distribute forgivable loans through the Paycheck Protection Program (PPP) to small businesses, leveraging Square's relationships with millions of small businesses. Reses plans to build a new loan program in three weeks, mostly automated, to assist businesses in need.
Already a force to be reckoned with in Silicon Valley , once-and-future billionaire Jackie Reses is out to disrupt financial services with a 95-year-old Missouri bank—without disturbing federal regulators.
As the head of Square Capital, the lending arm of Jack Dorsey’s payment processing company Square, Reses insisted that even though her company wasn’t a traditional bank, Mnuchin should make an exception and let Square help dole out the hundreds of billions of dollars in forgivable loans that the U.S. government had made available through the Paycheck Protection Program (PPP). She argued that Square’s relationships with millions of small businesses made it a good distribution channel.to allow Square, Intuit, PayPal and other fintechs to become PPP lenders, Reses turned to her team and said, “We have three weeks to build a brand-new loan program from scratch, and it has to be mostly automated.” The 100-plus employees slated to work on it were exhilarated. “If we typed fast enough, these businesses could get save
Silicon Valley Billionaire Jackie Reses Disrupt Financial Services Missouri Bank Square Capital Forgivable Loans Paycheck Protection Program (PPP) Small Businesses Distribution Channel Loan Program Automated
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