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Mar 11, 2021 · Home. Arizona. Scottsdale. Loans. Blue Acorn. Business Details. Additional Information. Blue Acorn. View full profile. This is a multi-location business. Need to find a different location?...
- 7014 E Camelback Rd Ste 1452, Scottsdale, 85251-1227, AZ
- President/Co-Founder
Dec 18, 2021 · December 18, 2021. 0. 32. SCOTTSDALE, AZ — A Valley company, which helped gig workers and mom-and-pops get the federal loans to stay in business during the pandemic, is now at the center of a Congressional probe into whether the loans were made to fraudulent or ineligible applicants.
Jun 27, 2021 · Blueacorn, based in Scottsdale, Ariz., was founded in April 2020 to help small businesses find P.P.P. lenders.
Jun 9, 2021 · SCOTTSDALE, Ariz., June 9, 2021 /PRNewswire/ -- Blueacorn, a leading Lender Service Provider, today announced that it has successfully processed approximately $14 billion in small business...
- ABC 15 Newscaster Hockridge Involved
- Small Business Loans Not prioritized. 'Delete Them'
- Other Companies Similarly Overlooked Fraud
- University First Identified Fintech Shortcomings
Blueacorn used third-party companies and contractors to process, the company told investigators in a letter. They were paid $37 to $55 per hour, or on a per-application basis from $2 to $8 per application. Blueacorn's owners took nearly $300 million in profits, according to the report. A letter the company sent the committee in February said it act...
The report also says that, contrary to the goals of the PPP program, Blueacorn did not prioritize small businesses but instead focused on the largest applications that would earn them the most. Investigators for the committee spoke with multiple people who reviewed loan applications for Blueacorn who reported they were instructed to prioritize spee...
The report levies similar accusations about other companies, including Womply, which processed more than $16 billion in PPP loans and collected nearly $2 billion in fees from lenders. Womply and Blueacorn combined processed about one of every three PPP loans in 2021. Womply CEO Toby Scammell was convicted of insider trading in 2014and has been barr...
The link between fintech companies and PPP fraud was identified last year when the McCombs School of Business at the University of Texas, Austin released a report analyzing how such companies approved loans. They identified more than 1.8 million loans worth about $76 billion with indications of potential fraud. Blueacorn's activities were highlight...
Blue Acorn PPP, LLC (Blueacorn) processed at least $14 billion in PPP loans throughout the duration of the PPP program.4 For loans processed in 2021 alone, your company is estimated to 5have taken in at least $1 billion in fees. Unfortunately, many of these fees may have been earned by processing fraudulent or ineligible loan applications.
Dec 18, 2021 · Posted at 1:33 PM, Dec 18, 2021. and last updated 12:33 PM, Dec 18, 2021. SCOTTSDALE, AZ — An Arizona company, which helped gig workers and mom-and-pops get the federal loans to stay in...
