Benzinga | May 4, 2021 05:32PM EDT

Lightspeed Reports Partnership With US Small Business Admin. To Expedite Hospitality Industry Relief

Lightspeed (NYSE:LSPD) (TSX:LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced a partnership with the U.S. Small Business Administration (SBA) to help hospitality merchants access new funds made available through the $28.6 billion Restaurant Revitalization Fund (RRF). This partnership with the SBA will provide Lightspeed hospitality merchants in the United States, independent restaurants hit hard by the global pandemic, an accelerated application process for RRF grant applications.



"Lightspeed is proud to be a partner to the SBA and the Restaurant Revitalization Fund to help independent restaurants access critical funding as we prepare for brighter, better days for our industry," said Sheryl Hoskins, Lightspeed's global General Manager of Hospitality. "I've worked closely with local governments and chambers of commerce in the United States since COVID-19 hit our customers and we are thrilled to see an increase in support for the independent hospitality businesses that are the backbone of our communities and economy."

Through May 25, the SBA will prioritize processing and awarding funds to businesses that are majority owned and controlled by women, veterans, or socially and economically disadvantaged groups. Applications from businesses that do not qualify can still be submitted and will be reviewed after May 25. The SBA may provide funding up to $5 million per location for selected applicants, with a minimum award of $1,000.

By being an SBA partner, Lightspeed customers can easily access sales documentation needed to apply for SBA loans. Lightspeed has continued to roll out new technology since the outbreak of the COVID-19 pandemic to pivot to the demands of the new era of hospitality, streamlining online and contactless ordering and integrated payments for independent restaurants.

For restaurants who have not applied yet, visit the SBA site to view eligibility information, FAQs, and register your application. The National Restaurant Association has also produced a step-by-step guide to filling out the application.