SANTA MONICA, California, March 31, 2020 / PRNewswire / – Chic, a Los Angeles fintech company, is providing cash to cash-strapped and laid-off employees amid the COVID-19 pandemic. Thanks to Quid’s loan model, shareholders can access the cash value of their shares, up to 30%, without having to liquidate those shares in the short term. The model is designed to provide individuals with immediate cash resources while allowing their net worth to continue to grow with the business.
“Employees shouldn’t have to give up the future value of their stocks tomorrow because of today’s short-term volatility. COVID-19 has increased the need for Quid’s solution. During these periods, we anticipate additional demand from employees who may need cash or have been recently laid off and need cash to exercise options, ”explains the co-founder of Quid Josh berman. “As the DOW / NASDAQ continues to be more volatile, the stock market turns off liquidity opportunities in the market.”
Quid responds to capital requests with an immediate turnaround time and is committed to maintaining a competitive fixed interest rate of 7% on the cash advance, in addition to its other fees. Chic works directly with the individual shareholder and maintains confidentiality as a fundamental principle throughout the process.
Quid has worked with employees at a number of blue chip tech companies before the IPO to date, including Uber, Airbnb, Lyft, and Flexport.
The Quid process is simple:
- A shareholder asks Quid for conditions.
- Quid does its due diligence and sets the conditions for qualified shareholders within days.
- The shareholder agrees to move forward – Quid provides a credit agreement for their signing.
- Quid transfers the funds on the same day as the final signing.
Presentation of the Quid solution:
- Quid allows employees and shareholders to obtain liquidity while keeping their shares rising.
- The costs of the Quid solution are not paid.
- Quid’s solution generally has no personal responsibility.
- Matching transactions can take as little as five to ten days (compared to a sale, which can take three to six months) and can be completed quickly.
To learn more about Quid, visit https://www.getquid.com/.
Quid offers a new type of pre-IPO equity loan. There is generally no personal liability on the loan, and it is intended to be fully in accordance with company policy, allowing employees and shareholders to enjoy cash today without any outlay. The loan is repaid when the business has an IPO, sale, or other liquidity event, and employees can maintain a profit margin on their equity through the liquidity event. Quid is managed by Troy Capital Holdings Group and backed by Oaktree Capital. Learn more at getquid.com.
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