QUID To Provide Cash To Illiquid & Laid Off Employees Amidst
SANTA MONICA, Calif., March 31, 2020 /PRNewswire/ -- Quid, a Los Angeles fintech company, is providing liquidity to cash strapped & laid off employees amidst the COVID-19 pandemic. Through Quid's loan model, shareholders can access the cash value of their shares, as much as 30%, without having to liquidate those shares in the near term. The model is designed to provide individuals immediate cash resources while allowing their equity value to continue growing with the company.
"Employees shouldn't have to give up the future value of their shares tomorrow because of the short term volatility today. COVID-19 has increased the need for Quid's solution. During these times, we anticipate additional demand from employees who might need some additional liquidity or were recently laid off and need cash to exercise options," explains Quid co-founder Josh Berman. "As the DOW/NASDAQ continues to be more volatile, the stock market is extinguishing the liquidity opportunities in the marketplace."
Quid is fulfilling capital requests with an immediate turnaround and is committed to maintaining a competitive fixed interest rate of 7% on the cash advance, in addition to its other fees. Quid works directly with the individual shareholder & maintains privacy as a core tenet throughout the process.
Quid has worked with employees of a number of blue-chip pre-IPO technologies companies to date, including Uber, Airbnb, Lyft, and Flexport.
Quid's process is simple:
- A shareholder asks Quid for terms.
- Quid performs diligence and establishes terms for qualified shareholders within days.
- The shareholder agrees to move forward – Quid provides a credit agreement for their signature.
- Quid wires funds the same day as final signing.
Quid's solution overview:
- Quid allows employees and shareholders to achieve liquidity while retaining upside in their shares.
- Quid's solution fees are not out of pocket.
- Quid's solution generally has no personal liability.
- Quid transactions can take as little as five to ten days (versus a sale, which can take three to six months) and can be done quickly.
To learn more about Quid, visit https://www.getquid.com/.
Quid offers a new kind of loan on pre-IPO equity. There is generally no personal liability on the loan, and it is intended to be fully compliant with company policy, allowing employees and shareholders to enjoy cash today without any out of pocket expenses. The loan is repaid when the company has an IPO, sale or other liquidity event, and the employees can retain upside in 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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