Betterfin, Co-founder and CEO
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Betterfin Launches Free TurboTax-Like Concierge to Assist Small Businesses in Securing $350B in Fiscal Stimulus Funds
ReadyRelief™ Augments The Capacity of Thousands of Trained and Experienced Small Business Administration Advisors to Process Applications For Help
New York, NY., April 16, 2020 -- Betterfin, a company specializing in securing capital for small businesses, has launched a platform to help companies impacted by COVID-19 apply for and secure fiscal stimulus funds as quickly as possible by augmenting the capacity of over 900 Small Business Development Center (SBDC) advisors throughout the United States. Called ReadyRelief™, the TurboTax-like platform is available for free through the Betterfin website.
With the passage of the $2 trillion CARES Act earlier this month, around $350 billion in funds have been unlocked for small businesses nationally that are facing a slowdown in revenues, or worse, possible closure because of shelter-in-place orders amid the coronavirus epidemic. However, the current application process for paycheck protection and disaster loans is long, complex, and intimidating with few resources for guidance. There are also a cornucopia of programs at the federal, state and local levels that offer low interest loans, immediate cash relief or grants that can be overwhelming to navigate.
The relief process in place requires dozens of forms, the necessity of which varies by individual relief program, business type, and various other criteria. And it can cost business owners everything. Fifty-one percent of 10,000 small business owners interviewed by Goldman Sachs said they only had zero to three months of runway and two-thirds of them said they are uncertain about how to apply for emergency funding.
Hours filling out forms and, on average, forty-three days for funds is not good enough to save businesses who need help now. Betterfin has built an easy-to-use, consumer facing platform for small business owners and a white-label version for Small Business Development Center advisors to use with small business clients. ReadyRelief™ has digitized and simplified a process that is hindering businesses in dire need. The intention behind ReadyRelief™ is to take the entire process down from forty-three days to less than a week.
A small business can log on to the Betterfin platform directly or work with their local SBDC advisor to quickly fill out all the information required and submit for the programs that can offer help to them. This saves business owners not only hours in finding and filling out the correct forms, but also weeks or months in the event of having submitted incorrect or missing ones.
“Business owners are trying to apply for government assistance in a world where the details of the process are fluid. There is a reason the SBA has such a vast network of advisors: the process is difficult for business owners. All of the paperwork behind any type of government COVID-19 assistance is no exception. Business owners need help applying for assistance with ease and accuracy which is why we’ve developed ReadyRelief.” said Betterfin CEO, Eric Griego.
“Moving billions of dollars to provide crisis relief to America’s small businesses is no small feat,” said America’s SBDC, President & CEO, Charles “Tee” Rowe. “SBDC small business advisors are the frontline workers keeping local small businesses alive, which in turn allows people to keep their jobs and take care of their families. Betterfin's assistance with this effort is greatly appreciated.”
“No one realizes that there are small business advisors across the United States in rural Alaska to urban New York City,” said Initialized Partner Andrew Lee, previously a Senior Advisor with the SBA. “Additionally, there are more than 100 women business centers and scores of counselors focused on helping minority-owned businesses. Every person has been affected by COVID-19 so it's even more important now that these advisors get the technology they need."
Founders of Betterfin, Eric Griego and Dan Gabrieli, met working at OnDeck. As a product manager and data scientist respectively, they helped create the technology behind billions of dollars lent to business owners. Lending money as a non-bank fintech brings together the world of risk pricing, product, and capital markets. All of their combined knowledge and experience has gone into creating Betterfin.
Betterfin serves as a technology layer between business owners, their bank account and lenders. The company’s software helps entrepreneurs and small business owners get guidance on financing by analyzing their credit history and cash-flow data then connects them with the lenders that best fit their business needs. For more information about disaster loans, Betterfin has a frequently updated FAQ here.
Betterfin has raised over $4MM dollars from Initialized Capital, Y-Combinator, Hillsven, and the Arab Angel Fund.
Betterfin is a platform for business owners to find the best financing options with unprecedented transparency. They are powered by advanced integrations with vendors, bureaus and banks to provide real-time data and recommendations based on business financials and data. Using a simple five minute application, Betterfin connects businesses to lending specialists and over 40 lenders and financing companies for a wide range of borrower profiles and needs.
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