Staples Begins Small-business Loan Program
Staples, Framingham, Mass., has started a lending program for small businesses this week, according to Bloomberg. The program is designed to bring in revenue for the office supply company. This move by Staples comes on the heels of its $6.3 billion acquisition of Office Depot Inc.
Staples is working with Lendio, which matches borrowers with lenders online, and has existing partnerships with the UPS store. Lendio works by providing information about potential borrowers to lenders rather than actually making loans, according to the report.
According to a press release from Staples, the program includes more than 20 funding options, with loans ranging from $2,500 to $1 million. The program will include lines of credit, Small Business Association loans, cash advances, equipment loans and commercial real estate loans.
The Staples Business Loans website currently hosts a questionnaire for small businesses looking for funding, where businesses disclose how much funding they are looking for, how long they have been in business, monthly credit card sales, credit scores and the industry they are in.
For more information, visit www.staples.com/businessloans