Lightspeed partners with U.S. Small Business Administration to expedite hospitality industry relief

Rhea-AI Summary

Lightspeed (NYSE: LSPD) announced a partnership with the U.S. Small Business Administration to assist independent restaurants in accessing the $28.6 billion Restaurant Revitalization Fund. This initiative aims to expedite grant applications for hospitality merchants affected by the pandemic. The SBA will prioritize funds for minority-owned businesses until May 25, with potential awards ranging from $1,000 to $5 million per location. Lightspeed's technology enhances the application process for its customers, facilitating online and contactless solutions in the evolving hospitality landscape.

Positive

• Partnership with SBA enhances access to $28.6 billion Restaurant Revitalization Fund.
• Accelerated grant application process for independent restaurants.
• Potential funding of up to $5 million per location supports financial recovery.

Negative

• None.

Global commerce leader to provide application assistance to US restaurants as they ramp up for post-vaccine re-openings

MONTREAL, May 4, 2021 /PRNewswire/ - 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.  

About Lightspeed

Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. With smart, scalable and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality, and golf industries. Its product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments, and ultimately grow their business.

Headquartered in Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where communities go to shop and dine. Lightspeed has staff located in North America, Europe, Australia and New Zealand. 

For more information, please visit: lightspeedhq.com

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Forward-Looking Statements

This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Lightspeed's management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profiles on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed's subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that Lightspeed considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by Lightspeed. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contact:
media@lightspeedhq.com 

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SOURCE Lightspeed POS Inc.

FAQ

What is Lightspeed's partnership with the SBA about?

Lightspeed partnered with the U.S. Small Business Administration to help independent restaurants access the Restaurant Revitalization Fund.

How much funding is available through the Restaurant Revitalization Fund?

The Restaurant Revitalization Fund has $28.6 billion available for eligible restaurants, with individual awards ranging from $1,000 to $5 million.

What are the priorities for the SBA funding applications?

The SBA prioritizes applications from businesses majority owned by women, veterans, or socially and economically disadvantaged groups until May 25.

How can Lightspeed customers apply for the Restaurant Revitalization Fund?

Lightspeed customers can easily access sales documentation through Lightspeed to apply for SBA loans and grants.