New PROFIT Online Banking Helps Minority Business Owners with FREE Bookkeeping and Accounting
PROFIT is the first online business bank account that combines modern banking services with bookkeeping software on one platform – automatically completing your bookkeeping and bookkeeping for free.
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Montes and Romain, founders of PROFIT, the first online bank for minority business owners that does bookkeeping and bookkeeping for free. It also repays by offering each member a revolving line of credit at 0% interest. (Photo: Business Wire)
Founded by two software engineers who grew up in underserved areas (Newark, NJ & Union, NJ), Vin Montes & Frantz Romain know personally what it’s like to fend for themselves in an underserved financial environment. Frantz Romain attended the New Jersey Institute of Technology (NJIT) and Vin Montes attended Fairleigh Dickinson University (FDU) in New Jersey. They recognized the help that minority small business owners needed and built a banking platform to help them.
The founders of PROFIT are:
Vin Montes, former business owner, US Air Force veteran, and software engineer who developed a global financial expense app for UPS.
Frantz Romain, former business owner and software engineer who worked with Mr. Montes for two years to develop a global financial expense application for UPS. The technology he designed with Mr. Montes received the 2018 Global Innovation Award from Red Hat (previous winners include Barclays, Deutsche Bank and BBVA)
Small minority businesses continue to be underserved by banks. Without support from the financial industry, they struggle to access capital and easy-to-use financial tools. Overwhelmed with responsibilities, most minority business owners do not have the time or financial knowledge to manage complex accounting software.
THE BENEFICIARY SOLUTION
The founders of PROFIT set out to create the first all-in-one corporate bank account with accounting technology that performs bookkeeping and accounting for their members for free.
“We personally know what it’s like to be left behind and fend for ourselves in an underserved environment. This motivated us to create a state-of-the-art bank that would alleviate some of the financial burden on underserved business owners so they can focus on growing their business as best they can. “- CEO / Co-founder Vin Montes.
“It’s difficult for a business owner to know how their business is doing financially relative to their industry. To solve this problem, we provide our members with real-time profit and loss statements that compare their net profit to their industry average. This helps the owner understand how his business is doing financially relative to his industry. – CTO / Co-founder Frantz Romain.
PROFIT also captures SMS receipts and automatically associates them with the correct transaction. It then automatically reconciles all of their accounts, saving their members days of tedious accounting work.
THE BENEFITS GIVE BACK
Black and Latino business owners are half as likely to be approved for bank loans as whites. This was the case even when black, Latino and white applicants were all classified as low credit risk, according to one. Federal Reserve Study 2020. As further validation of the uphill battle Black & Latino face to get the business help they need, Forbes published that 37.9% of black businesses said they were discouraged from applying for a business loan, compared to 12.7% of white-owned businesses.
The founders of PROFIT experienced this when they were denied a business loan.
To help alleviate the problem, PROFIT offers all of its members a 0% interest revolving line of credit. “We take a portion of our income and fund a revolving line of credit for all of our members. We know what it’s like to be turned down for loans even if you have a good business. credit and funds are available the next business day. ” – CEO / Co-founder Vin Montes.
If you would like to help or support the cause of PROFIT in any way, please contact firstname.lastname@example.org.
To open a PROFIT business bank account or to find out more, visit www.bankwithprofit.com.