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Tuesday, May 24, 2022

Veritone Gets $6.5M in SBA Loans from Sunwest

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Artificial intelligence software maker Veritone Inc. in Costa Mesa got $6.5 million from Sunwest Bank under the $350 billion Paycheck Protection Program for small businesses hit by the coronavirus pandemic.

Separate loans will go to Veritone (Nasdaq: VERI) and its subsidiary Veritone One Inc. The loans are for two years, unsecured, at 1% interest, with interest deferred for six months. Loans are guaranteed by the U.S. SBA.

Along with Veritone’s cost-cutting, the funds “will help us to continue operations without salary reductions, layoffs or furloughs,” Chief Executive Chad Steelberg said in a statement.

Loans may be forgivable in part for costs related to the coronavirus for borrowers who don’t layoff staff.

Veritone shares traded down at midday about 1% to $3.69 apiece for a market cap of $100 million.

Go here for more updates on how OC companies are responding to coronavirus.

For ongoing, in-depth coverage of coronavirus effects on OC businesses, see the Monday print edition of the Business Journal.

Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal

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