Capital Plus Financial partners with Blueacorn to accelerate PPP loan relief for small businesses
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DALLAS, January 11, 2021 / PRNewswire / – Crossbreeding Systems, Inc. (OTCQB: CRSS) (“Carrefour” or the “Company”), a holding company focused on investing in businesses that promote economic vitality and community development, through its wholly owned subsidiary Capital Plus Financière (“CPF”), today announced that it continues to address potential barriers to accessing capital for minority and underserved communities by partnering with Blueacorn To provide a simple and efficient platform for small businesses across the country to apply for Paycheck Protection Program (“PPP”) First and Second Draw Payroll Loans through the Small Business Administration (“SBA”).
In the Economic Aid for Small Businesses, Nonprofits, and Hard-Affected Sites Act, Congress set aside $ 15 billion through the first and second draws of PPP loans for loans from community financial institutions such as the CPF. Separately, the SBA set aside $ 15 billion and $ 25 billion, respectively, for the first and second drawdown of PPP loans for borrowers with a maximum of 10 employees or for loans less than $ 250,000 borrowers from low and moderate income neighborhoods.
Eligibility for a second draw loan requires borrowers to have used up the remainder of their first draw loans, have no more than 300 employees, and demonstrate a reduction of at least 25% in gross revenue between comparable quarters in 2019 and 2020. For most borrowers, the maximum loan amount for a second draw is 2.5 times the 2019 or 2020 average monthly salary costs up to $ 2 million.
In order to ensure increased access to PPP funds for businesses owned by minorities, underserved people, veterans and women, the SBA only accepts applications from community financial institutions for at least the two (2) ) first days following the reopening of the loan portal on January 11, 2021. Working with the FinTech Blueacorn platform, CPF has developed an easy-to-use application wizard that automatically fills and submits all necessary documentation directly to the lender. Potential applicants can access the loan portal at https://blueacorn.co/.
“We are proud to work alongside Blueacorn to ensure that struggling businesses get the capital they need as quickly as possible,” said the CEO of Crossroads. Eric Donnelly. “Both CDFIs and CPF have seen firsthand the impact the pandemic has had on minority-owned businesses in low to moderate income sectors. Many of these companies rely on PPP loans to stay afloat, and CPF is ready to inject the capital needed to continue to rebuild even stronger communities. “
About Crossroads Systems
Crossroads Systems, Inc. (OTCQB: CRSS) is a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads’ subsidiary, Capital Plus Financial (CPF), is a community development financial institution (CDFI) and B-Corp certified, which supports Hispanic homeownership with a long-term, fixed-rate single-family mortgage product.
About Blueacorn
Blueacorn is an online financial platform for underserved business communities, enabling them to receive and access business finance. Blueacorn provides solutions for business owners who may have gaps or lack funding through their online platform
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to the business and expected future events or future performance of Crossroads Systems, Inc. and Capital Plus Financial and involves known and unknown risks, uncertainties and other factors that may result in its actual results, levels of activity, performance or achievements differ materially from any future results, level of activity, performance or achievement expressed or implied by such forward-looking statements. Words such as, but not limited to, “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “targets”, “probably” , “” Could “, and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, without limitation, statements about the ability of Crossroads Systems and Capital Plus Financial to execute their business strategy and ability to achieve or maintain profitability The future performance of Crossroads Systems and Capital Plus Financial may be affected by the following risks and uncertainties: economic changes affecting homeownership in the geographies where Capital Plus Financial operates. activities, changes in loan markets which may not correspond to Capital Plus Financial’s expectations and may affect Capital Plus Financial’s plans to develop its portfolio, variations in quarterly results, developments in litigation to which we may be a party, technological changes in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should consult Crossroads Systems’ annual and quarterly reports. The forward-looking statements contained in this press release are based on the beliefs and opinions of management at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Crossroads Systems assumes no obligation to update this information to reflect future events, information or circumstances.
© 2020 Crossroads Systems, Inc., Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners.
Company details :
Crossroads systems
[email protected]ossroads.com
Investor Relations Contact:
Investor Relations Gateway
Matt glover and Tom colton
[email protected]
(949) 574-3860
SOURCE intersection systems; Capital Plus Financial
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