Over 1,500 businesses have leveraged the SpotOn platform to access CARES Act loan programs
SAN FRANCISCO, CA — May 5, 2020 — SpotOn Transact, Inc (“SpotOn”), a leading software and payments company, announced today its partnership with SoFi, an online personal finance company which leverages technology to bring financial products that help people get their money right. The partnership helps by bypassing the big-name lenders that were overrun with applications and provides merchants direct and easy access to lenders who can help them immediately.
Due to the unprecedented COVID-19 pandemic, SpotOn moved quickly to create solutions facilitating much needed access to capital. “Our clients, and businesses nationwide, need immediate access to financial support,” said RJ Horsley, President of SpotOn. “We felt SoFi was the perfect partner to not only create a seamless process for connecting our clients with Small Business Administration lenders, but also to present all possible credit options.”
The company leveraged its proprietary SpotOn platform to serve as an information source and guide to apply for the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). These federal programs were initially created in March and comprised almost $350 billion of the $2 trillion CARES Act stimulus package. Congress recently committed an additional $370 billion to these two programs due to the massive demand.
“SoFi is committed to doing its part to find creative solutions to support those in need throughout this crisis,” said Jennifer Nuckles, Executive Vice President of SoFi. “Working with SpotOn allows us to immediately connect tens of thousands of businesses with a large network of lenders and get capital into needed hands, fast.”
The EIDL and PPP funding programs are for businesses with less than 500 employees, SpotOn’s core customer segment, and are intended to help businesses pay their bills and retain their employees by providing low-interest or forgivable loans.
