Net Element Partners with Power Capital Direct to provide Small Business Loans to Merchants
April 09 2020 - 10:42AM
via NEWMEDIAWIRE --
Net Element, Inc.
(NASDAQ: NETE) (“Net
Element” or the “Company”), a global technology and value-added
solutions group that supports electronic payments acceptance in a
multi-channel environment including point-of-sale (“POS”),
e-commerce and mobile devices, today announces its partnership with
Power Capital Direct to provide small business loans to its
merchants. Power Capital Direct is a boutique financial
services company specialized in providing financing solutions to
small and medium size companies nationwide. Their management
team has over 30 years of banking, management and investment
experience. Power Capital Direct works with several approved
SBA lenders nationwide and will work with the Company to support
its merchants in obtaining financing. The recently approved
CARES Act benefits small businesses with fewer than 500 employees
that have been affected by the COVID-19 pandemic by making
available to qualified businesses interruption loans and loans
under the Small Business Administration (“SBA”) Section 7(a)
program to cover payroll and other working capital expenses of up
to $10 million from SBA lenders through the existing SBA 7(a) loan
guarantee program. “The financial health of our merchants is
of paramount importance to us. We look forward to supporting our
small business merchants through this partnership with Power
Capital Direct and assist them in obtaining financing while
creating a new source of revenue for the Company,” commented Oleg
Firer, CEO of Net Element.
“We are accepting new applications for the SBA
Paycheck Protection Program through our business alliances with
SBA-preferred lenders. Some loans may qualify as grants, all W2
payroll expenses are eligible for the loan amount calculation to
pay payroll, mortgage, rents and utilities,” commented Jorge
Montero, general manager for Power Capital Direct. “Most
banks are still on hold, figuring out how to proceed, we are open
and processing applications.”
About Net ElementNet Element,
Inc. (NASDAQ: NETE) operates a payments-as-a-service
transactional and value-added services platform for small to medium
enterprise ("SME") in the U.S. and selected emerging markets. In
the U.S., the Company aims to grow transactional revenue by
innovating SME productivity services using various technology
solutions and Aptito, our cloud-based, restaurant and retail
point-of-sale solution. Internationally, Net Element's strategy is
to leverage its omni-channel platform to deliver flexible offerings
to emerging markets with diverse banking, regulatory and
demographic conditions. Net Element was ranked as one of the
fastest growing companies in North America on Deloitte's 2017
and 2018 Technology Fast 500™. In 2017 we were recognized by
South Florida Business Journal as one of 2016's fastest-growing
technology companies. Further information is available
at www.NetElement.com.
Forward-Looking
StatementsSecurities Exchange Act of 1934, as amended. Any
statements contained in this press release that are not statements
of historical fact may be deemed forward-looking statements. Words
such as "continue," "will," "may," "could," "should," "expect,"
"expected," "plans," "intend," "anticipate," "believe," "estimate,"
"predict," "potential," and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Net Element and are difficult to
predict. Examples of such risks and uncertainties include but are
not limited to what impact or resultant benefits Power Capital
Direct agreement will have on merchants, how many merchants will
avail themselves of the loans and how much, if any, revenue
will be realized by the Company from this partnership. .
Additional examples of such risks and uncertainties include, but
are not limited to (i) Net Element's ability (or inability) to
obtain additional financing in sufficient amounts or on acceptable
terms when needed; (ii) Net Element's ability to maintain existing,
and secure additional, contracts with users of its payment
processing services; (iii) Net Element's ability to successfully
expand in existing markets and enter new markets; (iv) Net
Element's ability to successfully manage and integrate any
acquisitions of businesses, solutions or technologies; (v)
unanticipated operating costs, transaction costs and actual or
contingent liabilities; (vi) the ability to attract and retain
qualified employees and key personnel; (vii) adverse effects of
increased competition on Net Element's business; (viii) changes in
government licensing and regulation that may adversely affect Net
Element's business; (ix) the risk that changes in consumer behavior
could adversely affect Net Element's business; (x) Net Element's
ability to protect its intellectual property; (xi) local, industry
and general business and economic conditions; and (xii) adverse
effects of potentially deteriorating U.S.-Russia relations,
including, without limitation, over a conflict related to Ukraine,
including a risk of further U.S. government sanctions or other
legal restrictions on U.S. businesses doing business in Russia.
Additional factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements can be found in the most recent annual report on Form
10-K, quarterly reports on Form 10-Q and current reports on Form
8-K filed by Net Element with the Securities and Exchange
Commission. Net Element anticipates that subsequent events and
developments may cause its plans, intentions and expectations to
change. Net Element assumes no obligation, and it specifically
disclaims any intention or obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
law.
Contact:Net Element, Inc.+1 (786)
923-0502www.netelement.com Media@NetElement.com
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