Data protection vendor to help solution providers find, acquire financial aid
Through a partnership with lending specialist Lendio, Acronis is helping solution providers identify and apply for government and private sector financial support to cope with the economic impact of the COVID-19 pandemic.
The Lowdown: Acronis, a specialist in data backup and protection technologies and services, unveiled its #CyberFit Financing initiative with Lendio, which provides a centralized resource for understanding government aid programs and how to qualify for financing and support.
The Details: Through the relationship, Lendio, a financing marketplace provider, is giving solution providers quick access to a myriad of financing resources to help cover cash flow gaps and fund operations. The service helps solution providers understand the various qualifying factors and application documentation requirements. Applying solution providers can get connected with lenders in as little as 24 hours.
The Impact: The COVID-19 pandemic is causing financial hardship for businesses around the world that either suspended or curtailed operations due to social distancing measures. Economists predict that the U.S. GDP alone will contract 30% (annualized) in the second quarter. Financing through government and private sources is an essential lifeline for many businesses.
Background: Acronis is among the growing number of vendors and distributors offering financing and financial support to solution providers. Financing is sorely needed as, according to 2112 research, half of solution providers have less than 90 days of cash reserve to weather an economic downturn.