Jaris, SpotOn offers $ 350 million in loans to SMEs
âSmall businesses represent 99.9% of all US businesses and about 44% of the total private sector output of the economy,â Jaris said in a statement. Press release Tuesday (October 19).
âYet 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 Additionally, traditional access to capital for small businesses remains an outdated and inefficient system with complex barriers and regulations.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.
âSmall businesses have suffered a lot more during the pandemic,â said Chris Aristides, founder and CEO of jaris.
âOur 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.
âSpotOn Capital enables our clients to resolve short-term cash flow gaps, grow their business and invest to meet changing client needs,â 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.”
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