B2B Funding Reaches $ 30 Million Milestone | Business
B2B financing has reached an important milestone in its history. The company has provided $ 30 million in direct loans to 1,000 local businesses since its inception in 2016.
Many of these small and medium-sized businesses are restaurants, retail businesses, bakeries, cafeterias, small convenience stores called “colmados”, independent pharmacies and distributors, among others, essential businesses in many cities. and neighborhoods.
“B2B funding continues to support local merchants who have been directly affected by the Covid-19 pandemic, so that they can continue to operate their businesses successfully,” said Rolando Romero, CEO of the company. He said B2B Funding’s funding programs have been particularly important since the end of federal aid programs, such as the Paycheck Protection Program.
COVID-19 has severely impacted the island’s economy, especially small and medium-sized businesses. Partial and total business closures due to various executive decrees have left many traders questioning whether they should keep their businesses in business, according to Romero.
“This is the dilemma that hundreds of businesses face on a daily basis. We are committed to helping merchants who were in business and needed to counter declining sales, retain employees and cover fixed expenses for their businesses, ”he said. “Customers also leave their homes less and spend less. Already during the months of August and September there was a larger movement in the economy, but it is still not close to normal. “
According to Romero, they have been able to help hundreds of traders in recent months through their funding alternatives. They provided additional money to existing customers and also offered the opportunity to qualify for moratoriums and payment changes. “Our commitment goes beyond granting a loan. We have to adapt to their needs and provide them with the necessary assistance to keep them functioning, ”he added.
B2B Funding is currently the only direct lender on the island, knows the Puerto Rican market and directly understands the needs of traders, Romero said, explaining that as a direct lender there are no intermediary banks, which allows better conditions and direct trade relations.
“We were able to make an impact on Puerto Rico’s economy during the most critical moment in history. Like local merchants, our goal is to continue to adapt to this reality, to continue to educate merchants on how to use our cash advance product and to start helping Latino merchants in the United States ”, did he declare.
To benefit from the company’s “accessible” financing options, the minimum criteria are as follows: the applicant must be a business owner; the business must have been incorporated for at least four months; and the business is expected to generate at least $ 10,000 in revenue per year.
While cases of COVID are still high in Puerto Rico, the private sector continues to oppose more trade restrictions, saying it would be “catastrophic” for local businesses.
The Puerto Rico Chamber of Commerce Coalition, which represents more than 1,100 companies and 80,000 employees, said: “If a total shutdown were to occur again, it would be disastrous for businesses, as many are in shock. [while trying] survive and maintain their operations amid the pandemic and earthquakes that have hit the south. It’s time to focus on prevention and advise on sticking to COVID-19 plans. “
Juan Carlos Agosto, president of the Puerto Rico Chamber of Commerce, agreed. “We must no longer restrict trade. The private sector must return to normality in terms of operation without lowering its guard in terms of security measures. The opposite would keep our economy on the brink of a precipice, affecting our businesses and the quality of life of residents, ”he said.