Jaris, SpotOn offers $ 350 million in loans to SMEs



The private label lender jaris announces its partnership with the payment software publisher SpotOn has provided more than $ 350 million in loans to small business clients.

“Small businesses represent 99.9% of all US businesses and about 44% of the total private sector output of the economy,” Jaris said in a statement. Press release Tuesday (October 19).

“Yet more than half of small businesses say their credit needs are unmet. Additionally, traditional access to capital for small businesses remains an outdated and inefficient system with complex barriers and regulations.

The loans come from SpotOn Capital, a project launched by Jaris and SpotOn earlier this year that gives owners of small and medium-sized businesses (SMEs) access to loans with fixed fees and a pay-as-you-go system. that you earn.

Since its launch in January, the monthly loan amount for the program has increased 20-fold. Companies say the program has been effective for SpotOn customers who have over 80% loan renewals as they look to develop their business.

“Small businesses have suffered a lot more during the pandemic,” said Chris Aristides, founder and CEO of jaris.

“Our ability to quickly integrate with SpotOn in just a few months has given SpotOn’s small business customers quick access to capital when they need it most. We look forward to continuing our partnership with SpotOn to facilitate creative financial solutions for small businesses,” he said.

The jaris platform offers SpotOn a simple solution to deliver complete infrastructure and branded financial services, reaching many merchants and providing funds the next business day.

“SpotOn Capital enables our clients to resolve short-term cash flow gaps, grow their business and invest to meet changing client needs,” said Rj horsley, COO at SpotOn. “For some clients, this capital has enabled them to hire more staff, increase inventory, purchase new equipment and launch marketing campaigns.”

Read more: PYMNTS Trader Index Reveals Main Street SMEs Are Taking Different Paths To Recovery

PYMNTS recently looked at the state of small businesses facing the pandemic and found that while SMEs have been hit harder than almost any other type of business, they have also managed to recover faster.



On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.


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