SpotOn Transact has partnered with personal finance company SoFi to help SMBs to connect with lenders.
The move is expected to help small and medium-sized merchants with easy access to capital amid Covid-19 crisis.
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It utilises SpotOn platform as an information source guiding the SMBs to apply for the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP).
Initially, these programmes include $350bn of the $2trn CARES Act stimulus package. Subsequently, the US Congress approved an additional $370bn due to massive demand.
The EIDL and PPP programmes are devised to support businesses with less than 500 employees. It will help them to secure low-interest loans to retain their workforce as well as pay bills amid the current crisis.
SpotOn president RJ Horsley said: “Our clients, and businesses nationwide, need immediate access to financial support.
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By GlobalData“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.”
SoFi executive vice-president Jennifer Nuckles said: “SoFi is committed to doing its part to find creative solutions to support those in need throughout this crisis.
“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.”
Last month, SoFi signed deal to acquire fintech firm Galileo Financial Technologies for $1.2bn.
