SpotOn Joins Forces with jaris to Support SMBs with Paycheck Protection Program, SpotOn Capital
Partnership enables quick, seamless access to much needed funds for SpotOn customers
Streamlined application and faster processing for first- and second-time PPP borrowers
SpotOn clients have access to $15 billion earmarked for new and smaller borrowers
New offer, SpotOn Capital, gives clients ongoing access to quick capital loans repaid automatically with one transparent fixed fee and no interest charges
San Francisco – January 13, 2021 – SpotOn, a leading supplier of small business software and payment solutions, announced today its partnership with jaris, a partner-branded embedded financial services company. The partnership will provide SpotOn clients with a streamlined application and faster processing for the second round of federal funding, as well as ongoing access to loans through SpotOn Capital.
Supporting Access to PPP Funds
“This round of funding is critical for small businesses, as many were unable to receive financial support last year or are experiencing new or prolonged challenges as a result of the pandemic,” said Zach Hyman, co-CEO of SpotOn. “From the moment the bill was signed, we have been collaborating with jaris to streamline the process and help put our clients at the front of the line for these funds.”
jaris has partnered with Blue Ridge Bank, an approved SBA lender, to give SpotOn clients access to new PPP funds, including $15 billion specifically earmarked for smaller lenders*. The partnership will also simplify the application process for SpotOn clients by pre-populating their data in the PPP loan application; accelerate application approvals; and support loan forgiveness applications.
“jaris is committed to simplifying and facilitating creative financial solutions geared towards small businesses that need it most,” said Chris Aristides, CEO and Founder of jaris. “Together with SpotOn and Blue Ridge Bank, we are not only able to provide fast, easy access during this round of PPP funding, but also to provide ongoing access to capital for small businesses.”
Introducing SpotOn Capital
SpotOn will also partner with jaris to create SpotOn Capital, which will provide quick capital advances to small businesses, many of which cannot access capital from large financial institutions. SpotOn Capital offers customized loans to SpotOn clients to invest in growth or solve short-term cash-flow needs. The loans are offered through the SpotOn customer dashboard and made available as soon as the next business day; are repaid automatically as a fixed percentage of daily sales; and come with one fixed fee, no interest charges or hidden fees.
“Small businesses and local restaurants are the heartbeat of our communities, and we are committed to giving them the tools and resources they need to compete and win, particularly during these uncertain times,” Hyman continued. “Whether they need to purchase equipment or inventory or invest in new safety protocols, a SpotOn Capital loan is a swift, simple solution for our clients and another way we support small business owners.”
To learn more about PPP support or SpotOn Capital loans, SpotOn customers can visit their dashboards.
About SpotOn Transact, Inc
SpotOn Transact, Inc (“SpotOn”) powers small- and medium-sized businesses (SMBs) with the digital tools they need to run and grow their business. The software and payments platform, coupled with a hands-on service model, offers end-to-end solutions which include marketing, website development, appointment scheduling, digital loyalty, review management, and both retail and restaurant point-of-sale (POS) solutions. SpotOn has employees and offices around the world, including San Francisco, Chicago, Mexico City, Detroit, Denver and Krakow. For more information, visit www.spoton.com.
Headquartered in Burlingame, Calif., jaris is an innovative partner-branded embedded financial services company for the trusted brands of small businesses. jaris has removed the complexity that comes with access to capital and other critical financial services, paving the way for partners to get to market faster with competitive, high-value solutions.
About Blue Ridge Bank
Blue Ridge Bank, N.A. is the wholly-owned bank subsidiary of Blue Ridge Bankshares, Inc. (NYSE American: BRBS) which, through its subsidiaries and affiliates, provides a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending.
* Congress has set aside $15 billion across first and second draw PPP loans for lending by Insured Depository Institutions, Credit Unions, and Farm Credit System Institutions with consolidated assets of less than $10 billion.