B2B funding grants businesses hit by COVID-19 $ 4 million to keep operations – news is my business

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Rolando Romero, Managing Director of B2B Financing.

Founded in Puerto Rico in 2016, B2B Funding is a company that continues to operate despite the challenges faced during the COVID-19 pandemic to provide local entrepreneurs with an alternative financing. Said to have awarded around $ 4 million.

The company confirmed that the funds were allocated under a business finance program approved between August and December 2020.

Rolando Romero, managing director of B2B Funding, said that since the start of the pandemic, the B2B team has been constantly communicating with customers to see how they fared during the crisis and validate their needs. Mentionned.

Several federal grants were available, including COVID-19 EIDL loans, restaurant activation funds, payment protection programs (P3s), and disaster loans for small businesses, but B2B continued to work with them. its customers. did.

According to Romero, the B2B funding will provide additional funding to customers or temporarily modify loan payments through the program, depending on the impact of the pandemic on customers.

He said fixed costs such as water, rent and electricity remained the same, but the focus was on businesses with cash flow problems due to reduced hours of operation and reduced costs. sales volumes.

He said the average request for cash advance payments per business was $ 30,000, which led to restaurants being on the list of businesses seeking help.

B2B Funding also offers programs and services to other businesses such as retailers, security companies, grocery stores, and drugstores.

“During the pandemic, we kept these types of businesses as customers, and existing customers continued to update their caching services. These caching programs are the lives of SMEs that have suffered the most during the pandemic. Was a corporate benefactor, ”says Romero.

This story was created by staff based on a press release.

B2B funding grants businesses hit by COVID-19 $ 4 million to keep operations – news is my business

B2B funding grants businesses hit by COVID-19 $ 4 million to keep operations – news is my business

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