The U.S. Small Business Administration announced the first round of technology partners participating in a new initiative for the Restaurant Revitalization Fund (RRF) - a program that will allow eligible restaurants and other food establishments to access the RRF application or data they need to fill out the application through their trusted point-of-sale (POS) service providers. SBA has announced partnerships with Clover, NCR Corporation, Square, and Toast in this groundbreaking effort to provide a customer-centric approach to the delivery of relief funds.
“The SBA is partnering with point-of-sale providers to leverage technology to better reach the smallest businesses that need our help the most. This collaboration is just one example of the many innovative and creative ways we’re connecting with entrepreneurs in the hardest-hit and underserved communities,” said SBA Administrator Isabella Casillas Guzman. “The SBA must be as entrepreneurial as the entrepreneurs we serve. These partnerships enable us to meet small businesses where they are, instead of waiting for them to come to us.”
Under Administrator Guzman’s leadership, the SBA is prioritizing inclusion and equity in its programs as outlined by Congress. As small business entrepreneurs have been asked to pivot and adapt to the new COVID-19 marketplace, the SBA is doing the same and ensuring it provides equitable distribution of funds and easier access to disaster relief programs.
“As restaurant sellers prepare for reopening, we’re working with the SBA to provide them with the tools and services they need to rebuild,” said Bruce Bell, head of Square for Restaurants. “We’re honored to partner with the SBA in this important initiative, as we continue to support our sellers on the challenging road ahead.”
"The restaurant industry has been hit hard by the pandemic, and we are pleased to work with the SBA to help our customers easily access and navigate the Restaurant Revitalization Fund application process," said Nick DeLeonardis SVP & GM, Payments, Lending, and Payroll at Toast. "As the Biden Administration continues to roll out new programs, this partnership will serve as an example of ways in which the public and private sectors can work together to serve the greater good."
Once the SBA announces when applications will be accepted, qualifying restaurants will be able to work directly with their point-of-sale service providers to help them apply for the RRF. Each point-of-sale partner is helping in different ways - from providing a fully integrated application experience, to building pre-packaged point-of-sale documentation, to holding interactive webinars. In all cases, these partnerships allow for thousands of restaurant owners to accelerate their application submission process.
“Restaurants have been scrambling to survive the downturn caused by the pandemic,” said Dirk Izzo, President and General Manager, NCR Hospitality. “We are committed and honored to do our part to facilitate access to much-needed financial support for our customers so they can keep their businesses running.”
“By working alongside the SBA we are expediting the Restaurant Revitalization Fund application process for restaurants using Clover or Fiserv technology, facilitating faster access to much-needed capital so they can continue to serve customers and their communities,” said Jeff Dickerson, Head of Clover from Fiserv. “We are proud to do our part to support a critical initiative that will aid restaurant reopening and do so with a focus on revitalizing women-owned, veteran-owned, and minority-owned restaurants.
While SBA encourages applicants to use the POS ecosystem, applicants without access to point-of-sale service providers can submit their applications electronically at restaurants.sba.gov.
A full list of official point-of-sale service providers will be continually updated and can be found at sba.gov/restaurants.
Source: SBA
