Centra Funding Joins APPROVE Lender Network

Centra Funding, an equipment financing company, joined the APPROVE lending network, a fintech solution with algorithms that match B2B equipment buyers with equipment financing options.

Drew Kabo, senior vice president of sales for Centra Funding, said while the company has always offered a streamlined financing approach, customers coming in through APPROVE may see an even faster process and time frame with less effort.

“APPROVE connects us with the seller on the deal from the very beginning, and it already has the equipment invoice uploaded, seller payment information and dollar amount to be funded,” Kabo said. “This makes us even more responsive to what so many businesses want: to maintain cash on hand, yet still be able to launch, expand or adapt.”

Kabo said customers seeking funding outside of the APPROVE network usually have to call the equipment seller, obtain the invoice and then get the payment instructions manually.

“Through the APPROVE platform and network, that legwork has already been done for the client,” Kabo said.  “Once they get approved, we can automatically see the final invoice uploaded, see the seller’s payment instructions, and the customer just has to choose their term length and sign a few electronic documents to fund the order and have it shipped.”

Robert Preville, the CEO of KWIPPED, an online equipment marketplace and creator of APPROVE, said Centra Funding is a good fit for the lending network because the goal is to offer a wide variety of financing options that span industry sectors, deal sizes and credit ratings.

“We’re constantly analyzing data to identify any gaps in our ability to deliver the best possible financing options to equipment buyers,” Preville said. “Centra Funding allows us to provide more and better options for certain types of businesses, startups for example, than we were able to before partnering with them.”

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.