Startup lender Celeri Network announced 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. The proposal was initiated to boost the prospects of small- and medium-enterprises facing hardship in the recent downturn of economic activity stemming from coronavirus.
“Small businesses are the lifeline of the American Dream,” says Celeri Network chairman and CEO Justin Cheng. “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.'”
Mr. Cheng reports his business is seeing brisk demand from clients across many verticals including restaurants, truckers, retailers, insurance brokerages, mom-and-pop entities, even mid- to large-companies sitting on substantial real-estate holdings. The common denominator is the need to free up cash to ward off business interruptions and client shortages. Says Mr. Cheng, the time is now to act in a dramatic fashion.
“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,” says Mr. Cheng. “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,” says Deborah Pfeifer, Chief Operating Officer of Celeri Network. “It’s unfortunate we’re facing a downturn, but that’s when you need quick lines of credit in short order.”
The U.S. Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is “to maintain and strengthen the nation’s economy by enabling the establishment of small businesses and by assisting in the economic recovery of communities after disasters.”
