Virtual Procurement card provider AeroPay Express is rolling out a new line of credit for small and medium-sized businesses (SMBs) affected by natural disasters to pay their suppliers.
The company announced last week it is launching a $50,000 line of credit solution without interest for companies affected by the streak of recent natural disasters, including fires and hurricanes. The line of credit aims to help those firms buy goods and pay their own suppliers while they rebuild and restart operations in the wake of those events.
Companies using AeroPay can gain access to a virtual procurement card to immediately pay their suppliers and potentially capture early payment discounts using the AeroPay line of credit, the company said.
AeroPay Express CEO Stephen Troy noted SMBS like hotels have been hit particularly hard by the fires in California as well as Hurricanes Harvey, Irma and Maria in recent months.
“We know that many of the hotels in these ravished areas, for example, will require immediate cash to get back to business,” he stated. “Some affected hotels may need to pay for equipment, inventory, contractors, plumbers, electricians, carpet cleaners and more. We understand that vendors need to get paid and may be willing to provide a discount for early payment. We'll get that done by providing immediate cash and pass along the savings.”
Other FinTechs have similarly moved to aid SMBs affected by the recent string of natural disasters in the U.S.
In September, credit card processing services provider First Data said it would be handing out free Clover Go mobile card readers to businesses in disaster-stricken areas to allow them to more quickly resume accepting customer payments. A slew of other payment tools, including PayPal Donations and text-based donation solutions deployed by the American Red Cross and United Way, have also stepped in to provide relief to affected businesses.