Lafayette Square | February 06, 2023
The U.S. (SBA) Small Business Administration has approved Lafayette Square's application for its first SBIC (Small Business Investment Company) license, the national investment platform announced recently. The license will supplement the company's current leverage facilities, including Sumitomo Mitsui Banking Corporation financing.
The SBIC program, established in 1958, represents a vital partnership between the government and the private sector. A regular license can provide access to up to $175 million in government leverage, with a family of affiliated SBICs having access to up to $350 million. In addition, the approval demonstrates the SBA's dedication to innovating capital-access methods for low- to moderate-income areas and small businesses. A total of 29, including four first-time and 25 subsequent fund SBICs, received the SBA licenses in 2022.
An essential factor of Lafayette Square's credit strategy is providing borrowers with access to Worker Solutions. This custom-built platform aims to measurably boost the retention, well-being, and productivity of employees. In addition, it monitors and assesses the impact of Lafayette Square's SBIC on enhancing the lives of low- and moderate-income workers.
This is the third license the SBA has granted to Damien Dwin, Founder and CEO of Lafayette Square. The SBIC will be managed as a drop-down subsidiary of Lafayette Square's business development company.
Damien Dwin shares, "In Washington, DC, Lafayette Square Park sits adjacent to the White House and Department of Treasury. Our name, "Lafayette Square," reflects our intention to align ourselves with federal, state, and local governments and the taxpayers they represent." He added, "Our approach to risk management and generating returns purposefully seeks inspiration from existing regulations dating back to the 1950s aimed at increasing prosperity for all Americans in all places around the country. We believe a public-private partnership focused on improving prosperity across the United States through a regional lens provides a scalable means of transparently effecting positive outcomes for all."
(Source: Cision PR Newswire)
About Lafayette Square
New York-based Lafayette Square seeks to generate investment opportunities in underserved markets and underutilized locations. It aims to increase job quality, benefits adoption, financial well-being, and employee retention across its entire portfolio of companies and partners. To meet its goals, the company invests across asset classes and seeks to deliver robust risk-adjusted returns to investors while positively impacting the lives of people and communities. Its vision is to create a global economy in which all individuals and communities can participate. Lafayette Square enables a robust workforce and a more inclusive American economy by expanding access to economic opportunities.
ZayZoon | February 27, 2023
Asure Software, Inc., an industry-leading cloud-based Human Capital Management software solutions provider and ZayZoon, a market-leading provider of employee financial wellness and earned wage access to small and mid-sized businesses, have recently announced a strategic partnership to provide on-demand wages to employees of Asure's payroll customers. This partnership between Asure and ZayZoon allows the employees of small businesses to access their wages immediately while promoting financial health and providing their employers with a unique competitive edge for recruiting and retention.
Pat Goepel, Chairman and CEO for Asure, said, “Financial pressures can impact employees across all industries and job types. By partnering with ZayZoon we can help ease that burden by offering small business employees the option to access the funds they’ve earned faster, when they need them most.” He added, “Earned wage access is fast becoming a necessity in the war for talent and we’re pleased to join forces with ZayZoon to deliver this competitive advantage to main street.”
(Source – Globe Newswire)
The ZayZoon system connects with Asure's payroll and time and attendance solutions to provide employees with real-time access to their wages as they are earned. By providing this voluntary benefit to their employees, Asure's small business customers can alleviate their employees' financial burdens and increase productivity and retention with a more engaged workforce.
Tate Hackert, ZayZoon President, said, “The pieces align perfectly and I couldn’t be more proud of what our two teams will accomplish in the pursuit of financial empowerment.” He further mentioned, “This partnership with Asure solidifies ZayZoon as the de facto provider of Earned Wage Access for the small business community across the United States.”
(Source – Globe Newswire)
ZayZoon is a company that aims to reduce financial stress among employees and promote their health and financial well-being. Its products, including Financial Education, Wages On-Demand and personal finance tools, help bridge the paycheck-to-paycheck gap created by pre-determined payroll cycles. Through partnerships and integration with companies of all sizes, ZayZoon provides their staff access to their suite of products, ultimately, employee retention, improving productivity and recruitment. The company's mission is to break the cycle of workers relying on predatory products like payday loans and overdraft fees. By providing on-demand access to wages, it helps reduce financial stress and enhance workplace satisfaction and productivity.
At-Bay | January 19, 2023
At-Bay, the leading insurance company for the digital age, announced that it is launching a new cyber insurance product for small businesses. At-Bay's admitted policies, approved in 47 states, will be sold solely through its expanding partner network and will assist small businesses with their insurance and security needs.
At-Bay will provide cyber insurance policies that have been approved by an AM Best A-rated paper backer. Like At-Bay's additional cyber offering, policyholders of admitted cyber will have access to At-Bay's complimentary Security Report and their active risk Monitoring services, which are backed by At-Bay's in-house Security team. Furthermore, policyholders from At-Bay will also have access to the same best-in-class Claims team and preferred cyber response providers that the surplus policyholders have.
Kristie Felton, Head of Digital Partnerships at At-Bay, said, "Our new admitted cyber insurance product allows us to better serve small businesses which face just as much digital risk as their larger counterparts with affordable cyber coverage." She also added, "Releasing this new offering solely through our digital API partners aligns with our mission as a digital-first specialty carrier."
Partners who have already integrated At-Bay's other API offerings will see shorter integration times because of the shared architecture across the products. In addition, the modular design makes sure that quoting works smoothly in any partner environment. Automated quoting capabilities create bindable quotes in less than 30 seconds for policies with limits of up to $1 million for companies with up to $25 million in revenue.
Founded in 2016, At-Bay is a cyber insurance provider built from the ground up to assist businesses in dealing with digital risks. At-Bay combines industry-leading insurance with world-class technology to help clients face risks head-on. Through our partnerships with both brokers and business owners, the company offers cutting-edge insurance products and proactive risk monitoring services to organizations of all sizes and in all sectors. At-Bay is supported by Glilot Capital, Acrew Capital, the HSB fund of Munich Re Ventures, ION Crossover Partners, Icon Ventures, Khosla Ventures, M12, entrepreneur Shlomo Kramer, Lightspeed Venture Partners, and Qumra Capital.