Forward-looking statements include, but are not limited to, statements about Crossroads Systems’ and Capital Plus Financial’s ability to implement their business strategy, and their ability to achieve or maintain profitability. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “likely,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. and Capital Plus Financial and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. Important Cautions Regarding Forward-Looking Statements
Blueacorn provides solutions to business owners who may have gaps or lack financing through their online platform Crossroads’ subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B- Corp, which supports Hispanic homeownership with a long term, fixed-rate single-family mortgage product.īlueacorn is an online financial platform catering to underserved business communities allowing them to receive and access business funding. (OTCQB: CRSS) is a holding company focused on investing in businesses that promote economic vitality and community development. Many of these businesses are relying on PPP lending to stay afloat, and CPF stands ready to inject the capital necessary to continue building communities back even stronger.”Ĭrossroads Systems, Inc. “We are proud to be working alongside Blueacorn to make sure that struggling businesses receive the capital they need as quickly as possible,” said Crossroads CEO Eric Donnelly. “CDFI’s like CPF have seen firsthand the impact that the pandemic has had on minority-owned businesses in low-to-moderate income tracts. Prospective applicants can access the loan portal at . In collaboration with FinTech platform Blueacorn, CPF has developed an easy-to-use application wizard that automatically completes and submits all necessary documentation directly to the lender. To ensure increased access to PPP funds for minority, underserved, veteran, and women-owned business concerns, the SBA is accepting applications only from community financial institutions for at least the first two (2) days following the reopening of the loan portal on January 11, 2021. For most borrowers, the maximum loan amount of a second draw loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. Separately, the SBA has set aside $15 billion and $25 billion, respectively, for first and second draw PPP loans for borrowers with a maximum of 10 employees or for loans less than $250,000 to borrowers in low-or-moderate income neighborhoods.Įligibility for a second draw loan requires borrowers to have exhausted the remainder of their first draw loans, have no more than 300 employees, and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 20. In the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, Congress set aside $15 billion across first and second draw PPP loans for lending by community financial institutions like CPF. 11, 2021 /PRNewswire/ - Crossroads Systems, Inc. (OTCQB: CRSS) (“Crossroads” or the “Company”), a holding company focused on investing in businesses that promote economic vitality and community development, through its wholly owned subsidiary Capital Plus Financial (“CPF”), today announced that it is continuing to address potential barriers to accessing capital for minority and underserved communities by partnering with Blueacorn to provide a simple and efficient platform for small businesses across the country to apply for first and second draw Paycheck Protection Program (“PPP”) loans via the Small Business Administration (“SBA”).
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