Staples (NYSE:SPLS) announced the launch of a business loan service to help owners of small businesses by giving them quick and easy access to capital. Staples has partnered with Lendio, a financial technology firm and small-business lending marketplace, to deliver a suite of funding options.
Staples Business Loans features more than 20 funding options, ranging from $2,500 to $1 million.
"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 Bifulco Jr., executive VP, global marketing, Staples.
On average, small businesses contact at least three financial institutions for help and spend about 33 hours applying for credit, according to the Federal Reserve Bank of New York Small Business Credit Survey, spring 2014.
Other benefits offered by the Staples Loan program include a personal loan advisor, funding within days and one single application for all loans.
"The new 'Staples Business Loans' is an amazing service that we're pleased to offer our small-business customers. Along with our recently launched More Account, an account for purchases at Staples, it's another great example of how we're helping our small-business customers manage their cash flow and financing needs," said Alison Corcoran, senior vice president, North American stores and online marketing, Staples. "We're focused on providing all the products and services small businesses need."
Earlier this month, Staples reached an agreement to acquire Office Depot (NASDAQ:ODP) for $6.3 billion. The merger is predicted to lead to better savings for the retailer, which is attempting to cut costs and achieve greater efficiency as it competes with the likes of Amazon (NASDAQ:AMZN). Also in the vein of cost cutting, Staples announced last spring that it would shut down 225 stores throughout North America, accounting for 12 percent of its brick-and-mortar locations in the region.
-See this Staples press release
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