Jackson Hewitt Gets Assisted Transfer Funding
Tax preparation company Jackson Hewitt says it has secured funding for all of its stores for assisted transfers through Santa Barbara Tax Products Group for the upcoming tax season. However, it still hasn't found backing for 100 percent of its stores for refund anticipation loans, which is needed to meet the terms of its agreements with lenders.
SBTG, which funded 50 percent of the chain's assisted transfers during the past tax season, will provide the rest during the 2011 tax season, according to documents that Jackson Hewitt filed with the SEC this week. However, it still needs to find funding for RALs for the other half of its stores that is not being funded by Republic Bank. Republic funded RALs in states whose offices represented about 50 percent of the volume during the 2010 tax season and has committed to providing funds in the same states again.
