Dallas-based Jet Capital, an online small business financial platform, is focusing its marketing efforts in Albuquerque.
The Dallas-based firm offers funding options for small business in need of capital that can't access traditional lenders. The platform’s analytics can process an application in minutes and provide flexible capital solutions within 24 hours.
Randy Hernandez, Jet's vice president of marketing, said the company sees Albuquerque as an important market for their services because New Mexico has among the highest concentration of small businesses in the country.
"Our typical customer has 20 or fewer employees – you’ll note that New Mexico has over (28,000) of these businesses," Hernandez said, referring to 2014 US Census data.
Hernandez said over the past year, the firm has had a few dozen Albuquerque-based businesses submit an application and has issued advances to three of those applicants.
"Our typical customer is Mainstreet, USA," Hernandez said. "A lot of customers have their own retail shop."
Hernandez said cash advances have averaged about $25,000 for the company. In return, Jet purchases the right to the company's future sales and receives a fee.
The fintech company has partnered with other service providers like credit card processing companies, accounting firms, and payroll companies to facilitate small business growth.
The online company launched in 2015 in the Dallas–Fort Worth area with four employees, Hernandez said. Since that time, it has expanded to 18 employees.
"We see ourselves as entrepreneurs to help small businesses get a boost," Hernandez said. "We've been there ourselves and continue to be."
Kenneth Wardle, Jet Capital CEO previously served as executive vice president of portfolio management at Exeter Finance Corp, a specialty auto finance company based in Irving, Texas. While at Exeter, Wardle helped raise more than $300 million of committed capital across two rounds of financing.
According to the Star-Telegram, Jet Capital is owned by Braviant, with money from a private investor out of Puerto Rico. Braviant also owns another online finance company, Irving-based Balance Credit, which makes unsecured personal installment loans, according to the article.
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