OTSO PROVIDES FINANCIAL RELIEF TO TEXAS BUSINESSES DURING COVID-19 CRISIS
AUSTIN – April 6, 2020 – Otso, a new venture launched last week, aims to replace the need for cash security deposits in commercial leases. With the ongoing crisis and economic hardships caused by COVID-19, Otso serves as a relief for businesses to receive critical financial aid through the return of existing deposits.
Otso offers an industry-first guarantee program that provides essential liquidity to business tenants while providing landlords with the strength of AA-rated credit. Their financial partner, Euler Hermes, backs the guarantees.
“Given the state of the economy and the reality of the current crisis, getting businesses this liquidity is more important than ever,” said Marissa Limsiaco, co-founder of Otso. “Our program allows landlords to return cash deposits they currently have on file for businesses to immediately use to cover payroll, debt, and anything else they need to manage the current crisis.”
Otso is currently available in Texas to onboard landlords into the program. It’s 100% free for landlords to join and start offering the program to their tenants and prospects. “In the current environment, Otso serves as an additional tool for landlords to get deals done and retain their tenancy,” adds Josh Feinberg, co-founder of Otso.
Limsiaco and Feinberg are industry veterans of commercial real estate, technology, and finance, who are seeking to create better leasing experiences for both tenants and landlords. They’ve built Otso as a new option for commercial landlords with no obligation to use the program on every deal or lease.
Currently, Otso is offering the ability to replace or not require up to $50,000 for every business that applies for the program. Companies must be in Texas and meet simple program requirements to apply. Limsiaco explains, “We built Otso to accelerate business and make commercial leasing easy for everyone. It takes the friction out of a critical step of the leasing process and is designed to be a valuable solution to all stakeholders in a commercial lease deal. We’re grateful for the opportunity to be a resource that can assist so many businesses and people struggling in our current crisis.”
Founded in 2019, Otso replaces commercial lease deposits to allow businesses the ability to access and invest critical liquidity while providing landlords with enhanced coverage against defaults.
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