Pearl Capital Business Funding LLC Resumes Merchant Cash Advances After Processing $1.75 B in PPP Loans
JERSEY CITY, N.J., Nov. 5, 2020 /PRNewswire/ -- Pearl Capital Business Funding, LLC, a leading provider of direct financing to small and midsize businesses, today announced that it will resume funding merchant cash advances for U.S. small businesses after suspending funding for a period of time due to the COVID-19 crisis. The move comes after a seven month hiatus during which the company utilized its technology platform to process over $1.75 Billion in SBA Paycheck Protection Program (PPP) Loans.
Pearl Capital provides innovative alternative financial solutions, specializing in the underbanked and subprime business sector. Their financing solutions are available throughout the U.S. to businesses of virtually any industry that are unable to access sufficient traditional financing from banks and non-bank lenders. Pearl's solutions are not dependent on the business owner's FICO score and present a compelling solution to underwriting credit even during the current COVID-19 crisis. With the relaunch, Pearl's ISO Partners can expect lighter stipulation requirements with fewer requested documentation than before and updated pricing. Virtually all business types are eligible for funding from Pearl including high risk industries like auto sales, real estate, home-based businesses, and insurance.
"When the COVID-19 pandemic hit last March, we weren't sure what our future looked like. With so much uncertainty of the economic climate, like many other funders, we temporarily ceased funding. We pivoted and partnered with Cross River Bank and were able to transition our fully-automated processing and anti-fraud technology to process SBA Paycheck Protection Program (PPP) Loans." Chief Revenue Officer, Jake Lerner, says, "Using our technology platform, we were able to process over $1.75 Billion in PPP loans for businesses affected by COVID-19." The Paycheck Protection Program (PPP) was a SBA loan program established under the CARES Act to help small businesses keep workers on their payrolls during the pandemic. The program ended on August 8, 2020 but is likely to resume.
"We're thrilled to have the ability again to continue to provide financing for companies during an especially difficult time for businesses across the country and give much needed financial support to businesses." CEO, Sol Lax, says, "Pearl did not default on its senior credit line due to its superior underwriting and has added $250 Million in committed financing to expand its activities. If you are a small business and you have survived COVID, you shouldn't have to shut your doors because you have limited access to capital. We are going to be there for small business both in further iterations of PPP as well as MCA."
About Pearl Capital
Pearl Capital was founded in 2012 and acquired by private equity firm Capital Z Partners in 2015. Since then, they have become a leader in the fintech industry specializing in short term capital advance solutions for under-banked and credit-challenged businesses, in just about every industry. Over the years, they have provided over 23,000 MCA financings to small businesses across the country, by working with their network of ISOs. Their advanced online application technology platform and machine learning SMB credit score allows them to provide flexible terms and some of the fastest response times in the industry for deals up to one-million dollars. Most recently, Pearl Capital partnered with Cross River Bank to process over $1.75 Billion in Paycheck Protection Program (PPP) loans.
SOURCE Pearl Capital Business Funding, LLC
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