SBA announces technology initiative for Restaurant Revitalization Fund
The U.S. Small Business Administration has announced the technology partners that will participate in the rollout of the Restaurant Revitalization Fund (RRF) — a program that will allow eligible restaurants and other food establishments seeking COVID-19 relief funding to access the RRF application or data they need to fill out the application through point-of-sale (POS) service providers. SBA said it has partnered with payment network Clover, NCR Corp., fintech company Square and point-of-sale platform Toast in this effort to provide a customer-centric approach to the delivery of relief funds.
The initiative should be a good fit for busy Utah entrepreneurs as they are known for being tech-savvy, said SBA Utah District Director Marla Trollan. “It’s great to see SBA offering an innovative and convenient way for time-crunched restaurateurs to apply for funds,” she said.
“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.”
“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, senior vice president for payments, lending and payroll at Toast. “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.