Pearl Capital is BACK
Pearl Capital was among the many small business finance companies that hit the pause button in 2020.
Now it’s BACK.
The company announced today that it was resuming funding MCAs after a long stretch of facilitating PPP loans, of which it processed more than $1.75B through a partnership it had with Cross River Bank.
“Pearl did not default on its senior credit line due to its superior underwriting and has added $250 Million in committed financing to expand its activities,” said company CEO Sol Lax. “If you are a small business and you have survived COVID, you shouldn’t have to shut your doors because you have limited access to capital. We are going to be there for small business both in further iterations of PPP as well as MCA.”
Pearl expects to resume at full speed rather than with limited capacity and highly restricted guidelines. According to the announcement, “Pearl’s ISO Partners can expect lighter stipulation requirements with fewer requested documentation than before and updated pricing. Virtually all business types are eligible for funding from Pearl including high risk industries like auto sales, real estate, home-based businesses, and insurance.
“We’re thrilled to have the ability again to continue to provide financing for companies during an especially difficult time for businesses across the country and give much needed financial support to businesses,” Lax said.
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.