Massachusetts-based Staples, Inc., the parent company of Top 40 distributor Staples Promotional Products (asi/120601), has launched a new lending service to help small businesses access capital. To provide the program, which was announced this week, Staples partnered with financial tech firm Lendio.
“At Staples, we’re committed to helping small business owners by providing everything they need to make more happen in their business – including funding,” said Frank P. Bifulco Jr., executive vice president of global marketing at Staples. “We’re excited to team up with Lendio to launch Staples Business Loans, which makes it easy for small businesses to get funding that is right for their business.”
The new Staples financing program aims to eliminate the complexity of getting a business loan while offering a broad spectrum of funding options. Applying companies can potentially receive lines of credit, SBA loans, term loans, merchant cash advances, ACH advances, equipment loans or commercial real estate loans. Loan amounts range from $2,500 to $1 million and Staples and Lendio are promising funding can be secured and provided within days, not weeks.
“Our award-winning technology curates all the best-in-class lenders across various business loan products and a wide variety of options to cover the vast majority of small business needs,” said Brock Blake, CEO and founder of Lendio. “We are thrilled to team up with Staples on Business Loans powered by Lendio and look forward to helping their customers with a range of financial products all in one place. Lendio has already helped nearly a half million small business owners.”
Staples’ move into lending comes as more corporations are searching for increased revenue streams. In another example, Alibaba recently partnered with Lending Club to provide non-traditional financing options for U.S. manufacturers.