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 press release Tuesday (Oct. 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 Additionally, traditional access to capital for small businesses remains an outdated and inefficient system with complex barriers and regulations.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 fixed-cost loans and a pay-as-you-go system. gains.
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 address short-term cash flow shortages, grow their businesses 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.”
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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.