CEO Insights team , 0
As a consequence of travel restrictions, quarantine & lockdowns all across the world in an effort to contain Coronavirus, enterprises especially the SMEs & startups that do not possess the adequate technological infrastructure to facilitate ‘work from home’ have been suffering huge economic losses. As the crisis continues, it has created a need for supporting these enterprises financially through loans, if they are to be in business post the crisis.
Startup lender Celeri Network, in its endeavour to help these firms facing hardship in this downturn of economic activity stemming from Coronavirus, plans to work in lockstep with lending partners of the Small Business Administration to funnel business to the $50 billion proposed loan package from Washington.
Justin Cheng, chairman & CEO, Celeri Network, comments, “Small businesses are the lifeline of the American Dream”. “We want our clients, customers, partners and friends to realize when times are tough, our young, vibrant fintech company stands ready to be a steady and predictable source of capital. Our motto is: ‘We'll get you through’,” he adjoins.
The Small Business Administration (SBA) is a US
We want our clients, customers, partners and friends to realize when times are tough, our young, vibrant fintech company stands ready to be a steady and predictable source of capital
government agency that provides support to entrepreneurs & small businesses. The mission of the SBA is to ‘maintain & strengthen the nation's economy by enabling the establishment & viability of small businesses and by assisting in the economic recovery of communities after disasters’. Its activities can be summarized as capital, contracts & counseling. These loans are made through banks, credit unions & other lenders who partner with the SBA. Also, the institution provides a government-backed guarantee on part of the loan.
Speaking of the prospects for these downtrodden organizations, Justin says, “From the Federal Reserve to the White House to Congress, to the banks and on down, every single person in the chain needs to push capital out to small businesses with expediency, clarity, and purpose”. He adds to it, “When the chips are down, you have to be ready and willing to execute – and we are”.
Specifically, several large loan applications have come into the Celeri Network team ranging in size from $500,000 to $15 million – a dramatic increase in recent days. This trend could accelerate as economic activity takes a pause. “Our experience in lending is substantial, and our number one focus is on giving white-glove services to clients at every step of the way,” avers Deborah Pfeifer, COO, Celeri Network. “It's unfortunate we're facing a downturn, but that's when you need quick lines of credit in short order,” he concludes.